WarMonitor on Nostr: ⚡️Global Oil Exports Fall in 2024 for the First Time Since Covid Slower demand ...
⚡️Global Oil Exports Fall in 2024 for the First Time Since Covid
Slower demand growth in key consuming regions and reorganized trade routes led to the first decline in global crude oil exports since the 2020–2021 pandemic, Reuters reported on Tuesday, citing ship-tracking data.
Global crude oil exports fell by 2% last year, to 41.68 million barrels per day (bpd), down from 42.51 million bpd in 2023, according to Kpler data cited by Reuters. The drop in 2024 was the first since 2020–2021, when crude oil exports declined from 41.85 million bpd in 2019 to below 40 million bpd amid collapsing global demand during the COVID-19 pandemic.
In 2024, changes in oil flows—due to Houthi attacks on commercial ships in the Red Sea—affected global oil trade. Crude oil exports from the Middle East to Europe fell by 22% last year because tankers avoided the shorter route from the Middle East to Europe, opting instead for the longer route via the Cape of Good Hope in Africa.
Weaker-than-expected demand from China also played a role in shifting oil routes, as did increased production from Guyana, Brazil, and the United States. Sanctions against Russia and Iran are additionally altering global oil flows, creating opportunistic alliances.
Slower demand growth in key consuming regions and reorganized trade routes led to the first decline in global crude oil exports since the 2020–2021 pandemic, Reuters reported on Tuesday, citing ship-tracking data.
Global crude oil exports fell by 2% last year, to 41.68 million barrels per day (bpd), down from 42.51 million bpd in 2023, according to Kpler data cited by Reuters. The drop in 2024 was the first since 2020–2021, when crude oil exports declined from 41.85 million bpd in 2019 to below 40 million bpd amid collapsing global demand during the COVID-19 pandemic.
In 2024, changes in oil flows—due to Houthi attacks on commercial ships in the Red Sea—affected global oil trade. Crude oil exports from the Middle East to Europe fell by 22% last year because tankers avoided the shorter route from the Middle East to Europe, opting instead for the longer route via the Cape of Good Hope in Africa.
Weaker-than-expected demand from China also played a role in shifting oil routes, as did increased production from Guyana, Brazil, and the United States. Sanctions against Russia and Iran are additionally altering global oil flows, creating opportunistic alliances.