Barrels in Motion: Tracking the Global Oil Trade in Early 2024
A Regional Breakdown of Crude and Refined Product Flows
Crude and Refined Products Trade
In early 2024, global crude oil and refined product flows reflected shifting market dynamics, driven by seasonal demand, regional supply shifts, and geopolitical factors. The United States continued to maintain strong export performance, particularly in refined products, while imports showed marginal declines. In Asia, China and India demonstrated resilience in crude import volumes, reflecting steady economic activity, while Japan’s energy demand softened due to seasonal patterns. Across OECD Europe, a notable contraction in both crude and product imports suggests a potential slowdown in consumption or greater reliance on domestic inventories. This report provides a detailed breakdown of trade volumes and trends across key regions, offering insights into the evolving global energy trade landscape.
United States
Crude Imports
Averaged 5.9 mb/d in March, remaining below 6 mb/d.
Decreased by 86 tb/d (1% m-o-m); down 317 tb/d (5% y-o-y).
Lower flows from Mexico, Canada, and Saudi Arabia; higher from Colombia, Ecuador, and Iraq.
Crude Exports
Averaged 4.1 mb/d in March.
Fell by 47 tb/d (1% m-o-m); down 206 tb/d (5% y-o-y).
Increased to Netherlands and Taiwan; decreased to India and South Korea.
Net Crude Imports
Averaged 1.8 mb/d, slightly down from 1.9 mb/d in March 2024.
Product Imports
Averaged 1.8 mb/d, up 33 tb/d (2% m-o-m).
Driven by gasoline; offset by lower distillate fuel oil inflows.
Down 80 tb/d (5%) y-o-y.
Product Exports
Averaged 6.4 mb/d in March.
Decrease offset by higher distillate outflows; down in gasoline and residual fuel.
Up 50 tb/d (1%) y-o-y.
Net Product Exports
Steady at 4.7 mb/d; up from 4.1 mb/d y-o-y.
Combined Net Crude and Product Exports
Averaged 2.9 mb/d in March; up from 2.7 mb/d in March 2024.
OECD Europe
Crude Imports
Down 546 tb/d (6%) y-o-y in December.
U.S. was top external supplier at 1.9 mb/d (+17% m-o-m), followed by Libya (1.1 mb/d) and Kazakhstan (0.9 mb/d).
Crude Exports
Averaged 117 tb/d in December, down from 165 tb/d (m-o-m) and 340 tb/d (y-o-y).
China (64 tb/d) and Canada (47 tb/d) were top destinations.
Net Crude Imports
Averaged 8.7 mb/d in December, up from November (8.6 mb/d), but down from 9.0 mb/d y-o-y.
Product Imports
Fell to 2.5 mb/d in December, lowest since Feb 2024.
Down 633 tb/d (20% m-o-m); unchanged y-o-y.
Declines across diesel, jet kerosene, and fuel oil.
Product Exports
Averaged 2.4 mb/d, up 261 tb/d (12% m-o-m) and 4% y-o-y.
Boosted by motor fuel exports.
Net Product Imports
Averaged 129 tb/d in December, down 1 mb/d m-o-m and 206 tb/d y-o-y.
Combined Net Crude and Product Imports
Averaged 8.8 mb/d, down from 9.6 mb/d in November and 9.2 mb/d in December 2023.
Japan
Crude Imports
Averaged 2.4 mb/d in February, down 269 tb/d (10% m-o-m); down 43 tb/d (2%) y-o-y.
Saudi Arabia led (46% share), followed by UAE (38%) and Kuwait (6%).
Product Imports
Fell to 932 tb/d, down 65 tb/d (7% m-o-m); up 46 tb/d (5%) y-o-y.
Declines in naphtha and LPG.
Product Exports
Averaged 444 tb/d in February, down 19 tb/d (4% m-o-m); down 37 tb/d (8%) y-o-y.
Declines in gasoil and gasoline; offset by higher jet fuel exports.
Net Product Imports
Averaged 488 tb/d, down from 533 tb/d in January; up from 405 tb/d y-o-y.
China
Crude Imports
Averaged 11.2 mb/d in February, up 1.4 mb/d (15% m-o-m); unchanged y-o-y.
Russia (18% share), Malaysia (15%), and Saudi Arabia (14%) were top suppliers.
Product Imports
Averaged 2 mb/d, up 150 tb/d (8% m-o-m); up 192 tb/d (10%) y-o-y.
All major product inflows rose except gasoline and gasoil.
Net Product Imports
Averaged 1 mb/d, up 1% m-o-m; significantly higher than 717 tb/d in February 2024.
India
Crude Imports
Held at 5 mb/d in February, flat m-o-m; up 446 tb/d (10%) y-o-y.
Russia (31% share), Iraq (23%), and Saudi Arabia (15%) led suppliers.
Product Imports
Averaged 1.2 mb/d, down 70 tb/d (6% m-o-m); up 72 tb/d (6%) y-o-y.
Declines led by LPG and fuel oil.
Product Exports
Averaged 1.6 mb/d, up 209 tb/d (15% m-o-m); up 154 tb/d (11%) y-o-y.
All major products rose except gasoil.
Net Product Exports
Reached 401 tb/d, up from 123 tb/d in January and 175 tb/d in February 2024.
Conclusion
Crude and product trade flows in the first quarter of 2024 underscore regional divergences in supply and demand fundamentals. While the U.S. maintained a robust net export position, Europe showed signs of softening demand, and Asia remained mixed—buoyed by China and India, yet tempered by Japan. Year-over-year comparisons reveal modest growth in refined product exports from several markets, despite declines in gasoline and fuel oil. Looking ahead, trade volumes will likely continue to respond to refining margins, inventory levels, and broader economic conditions, particularly in Asia and Europe, where policy shifts and market rebalancing could further influence flows.
References
OPEC. (2025, March). Monthly oil market report. Organization of the Petroleum Exporting Countries. https://www.opec.org/monthly-oil-market-report.html
OpenAI. (2025). ChatGPT (April 11 version).
https://chat.openai.com/