TImports of crude oil ürkiye fell 16.4% more in 2024, continuing the decline trend in 2023. In its latest weekly report, Banchero Costa boat brokers said that “After 2023 positive, when the loading of global crude oil increased by +4.6% yoy, many This became calmer in 2024. In January-December 2024, global crude loading increased by +0.4% yoy to 2,194.7 million tons, not including all cabotage trade, according to data tracking ships from refinitiv. Exports from Arab Bay fell -0.2% yoy to 873.3 million T in January -December 2024, and contributed 39.8% of global crude oil trading by sea. Exports from the Russian port (including oil from Kazakh) also decreased by -0.5% yoy to 229.5 million tons, or 10.5% of global trade. From South America, exports jumped +11.3% yoy to 199.5 million t. From the US, exports ended flat +0.0% yoy to 197.9 million tons in Jan -DES 2024. From West Africa, exports fell -1.6% yoy to 170.8 million tons. Exports from ASEAN jumped by +7.0% yoy to 123.2 million tons in Jan-DES 2024 (but this of course includes re-exports of Russian volume).
Source: Banchero Costa
According to the boat broker, “In terms of demand, the largest importer of crude oil through the sea in January-December 2024 is the mainland China, which contributed 23.3% of global trade. The volume to China fell -0.5% yoy to 512.3 million T in Jan-Des 2024, from 514.9 million T in Jan-Des 2023. Import to EU27 slightly increased by +0.2% yoy to 473.9 million T, counting 21.5% of global trade. For ASEAN, imports increased by +7.1% yoy to 264.5 million tons (again this includes the volume of Russia which is then exported back to other countries in Asia). To India, the volume increased by +2.6% yoy to 234.0 million T in Jan -DES 2024. To South Korea, imports dropped by -1.7% yoy to 138.3 million t. To Japan, imports fell -7.0% yoy to 113.1 million tons in Jan -Des 2024 “.
“Türkiye is one of the biggest crude oil exporters outside the Arab Gulf, and the main players in the Mediterranean Oil Market. This happens despite the fact that Türkiye does not have significant domestic oil reserves. Conversely, this country is the main export outlet of crude oil from Azerbaijan and, previously, from North Iraq. The majority of crude oil sent from Türkiye is always the Azeri BTC grade, which is sourced from the standard pipes. This is a 1,768 kilometer crude oil pipe that connects the Azerichirag-Gunashli oil field in the Caspian Sea to the Mediterranean Sea Coast. Most of the remaining Turkish exports are Kirkuk type oil from North Iraq. Kirkuk oil sourced from the 970 kilometer Kirkuk-Ceyhan oil pipes, also known as Iraq-Türkiye crude oil pipes. Türkiye stopped the flow of oil through pipes from North Iraq on March 25, 2023. Officially, Türkiye began maintenance work on the pipe, which according to Turkish officials, passed through active areas seismically and damaged by flooding “, Banchero Costa said.
Source: Banchero Costa
The broker of the ship noted that “Basically all Turkish crude oil exports are loaded at the Ceyhan Terminal. About 29% of the volume loaded in Jan-Des 2024 is transported by Suezmaxes, and around 71% published in Aframaxes. In 12 months of 2023, Turkish crude oil exports by sea fell -31.0% yoy to 33.4 million tons, down from its peak by 48.4 million tons in 2022. In January -December 2024 exports from Türkiye declined. of -16.4% yo -y to 27.9 million t. In terms of the purpose of sending crude oil from Türkiye, EU27 so far is the top country, covering 75% of the volume of crude oil exported from Türkiye in January-December 2024. In Jan-Des 2024, Türkiye sent 20.9 million tons of crude oil to EU27, -8.0% yoy. This follows a decrease in shipping by -32.7% yoy in 2023 “, Banchero Costa concluded.
Nikos Rouseanoglou, Hellenic Delivery News
