Global Crude & Refined Products Trade – Q1 2024 Snapshot
In Q1 2024, global oil trade flows highlighted the shifting balance of supply and demand:
🔹 United States sustained strong refined product exports (6.4 mb/d), maintaining its net exporter status despite slight declines in crude exports.
🔹 OECD Europe saw a sharp drop in product imports—lowest since early 2024—suggesting either weakening demand or greater reliance on domestic inventories.
🔹 Asia remained a mixed picture:
• China rebounded with 11.2 mb/d crude imports (+15% m-o-m),
• India increased both crude and product exports,
• Japan saw seasonal declines across crude and refined products.
These trends underscore regional divergence in energy demand recovery, policy impacts, and inventory strategies.
📈 Full report breaks down the numbers and implications for crude/product markets in key regions.