Seaborne Oil Flows Surging

Higher seaborne crude oil flows are up 8.5% during the first five months of 2023, with China, the EU and India, all posting higher imports. 
In its latest weekly report, shipbroker Banchero Costa said, “2022 was a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession.” 
In the full 12 months of 2022, global crude oil loadings went up 8.7% year-on-year to 2,049.8 million tons, excluding all cabotage trade, Hellenic Shipping News reported.
This was well above the 1,886.3 million tons in Jan.-Dec. 2021, but slightly below the 2,110.5 million tons in the same period of 2019.
Costa said 2023 has been even stronger, as crude oil exports increased by 8.5% to 898.8 million tons in the first five months of the year. 
“Exports from the Persian Gulf were up 3.2% year-on-year to 362.6 million tons and accounted for 40.3% of global seaborne crude oil trade, slightly below last year’s 42.9%,” he added.
Exports from Russia have been increasing by 6.8% YOY during the first five months of the year to 100.1 million tons, or 11.1% of global trade. From the USA, exports surged by 21.5% YOY to 78.2 million tons.