1.Products trade is projected to grow by 4.4% to 23.7mbpd in 2023, largely driven by increasing exports from theMiddle East (+12%), Asia (+8%) and Africa (+17%).2.Products tonne-mile trade is projected to grow by arobust 11.5% in 2023 as Russia-related shifts continue,notably with increasing Russian oil products exports to theMEG, Latin America and Asia, as well as Europe replacingRussian volumes with US, Chinese, Indian and MEG supplies.3.Firm imports into regions with recent refinery closures(e.g. in Australasia and Europe) appear likely to continue inthe short-term; while refinery start-ups in 2023-24 (e.g. in theMEG and India) are expected to boost products exports.
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