1.Crude trade is expected to grow 3.2% to 40.6m bpdin 2023, supported by rising US, Norwegian and Brazilianexports, and firm imports to Asia. However, MEG exportsare expected to be remain steady amid OPEC+ cuts.2.This year, tonne-mile trade growth of 7.2% is expected,largely owing to Russian/European trade shifts,notably increased Russian exports to India and China.3.Seaborne Chinese crude imports averaged 9.3mbpd across Jan-Feb, down 1.7% y-o-y and 9.3% lowerthan the elevated import levels seen in Nov-Dec 2022,despite the lifting of Covid-19 restrictions late last year.However, Chinese imports are expected to rebound by14% across 2023-24, as oil demand continues to recover.
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