Waterborne Crude Oil Exports from Trans Mountain Fall in October, But Exports to China Hit Record

Waterborne crude oil exports from the expanded Trans Mountain Pipeline (TMX) averaged 421 Mb/d in October 2025 (rightmost stacked columns in chart below), a drop of 51 Mb/d versus a revised September level of 472 Mb/d and an increase of 6 Mb/d from a year ago, based on tanker tracking data compiled by Bloomberg. October’s exports marked the first month-on-month decline since June. Export upside may materialize in November with media stories suggesting that tanker export bookings off TMX have increased in response to favorable pricing opportunities versus other overseas crude streams and wider sanctions on exports of Russian crude oil in an attempt to target importing countries such as China.