Seaborne Crude Exports

摘要

Global seaborne crude trade is projected to rebound by 3.5% in 2021, following the sharp 7.7% fall in 2020. The extent of the 'bounceback' in trade is expected to be limited in part by ongoing OPEC+ production cuts, high inventories in some regions, and continued pressure on oil demand in many countries. On a more positive note, crude trade in 2021 is projected to benefit from growth in oil production in a number of countries, including Libya, Norway, and Brazil, as well as growth in oil demand in countries such as Indonesia and Malaysia. India is projected to account for over a third of the increase in global crude trade volumes in 2021 (0.44m bpd of the overall 1.32m bpd). Meanwhile China is expected to continue to be the world's largest crude importer in 2021, with volumes growing by 2% to 10.1m bpd.