Middle East oil exports to Europe fell 22 in 2024, Kpler data shows
US boosts global oil trade share to 9.5 with shale production
New refineries and pipelines alter global oil trade dynamics

HOUSTON, Jan 7 Reuters The volume of global crude exports in 2024 declined 2, the first fall since the COVID19 pandemic, shipping data showed, due to weak demand growth and as refinery and pipeline changes reshuffled trade routes.

Global crude flows have been roiled for a second year by war in Ukraine and the Middle East, with tanker shipments rerouted and suppliers and buyers split into regions. Middle East oil exports to Europe declined and more U.S. oil and South American oil went to Europe. Russian oil that formerly went to Europe has been redirected to India and China.

These shifts have become more pronounced as oil refineries have shut in Europe amid continued attacks on Red Sea shipping. Middle Eastern crude exports to Europe tumbled 22 in 2024, ship tracking data from researcher Kpler showed.

The shift in oil flows is creating opportunistic alliances, said Adi Imsirovic, an energy consultant and former oil trader, citing closer relationships between Russia and India, China and Iran that are reshaping oil trade.

Oil is no longer flowing along the least cost curve, and the first consequence is tight shipping, which raises freight prices and eventually cuts into refining margins, said Imsirovic.

The U.S. with its surging shale production has been a winner in the global…