Global volume falls 2% in 2024, first decline since the pandemic; USA expands market share
The global oil market underwent a significant reorganization in 2024, with a 2% drop in export volume, the first reduction since the Covid-19 pandemic. Exports from the Middle East to Europe fell by 22%, while the United States expanded its share to 9.5% of global trade, behind only Saudi Arabia and Russia. The information is from the agency
The reconfiguration of trade routes was influenced by geopolitical conflicts, such as the war in Ukraine and tensions in the Middle East, as well as attacks on ships in the Red Sea.
According to the agency, Russian oil, previously destined for European countries, found new markets in India and China. On the other hand, Europe increased imports from the United States, which reached 4 million barrels per day, and from South America, especially Guyana.
New infrastructure investments have also impacted the global oil market in 2024, such as the opening of the Dangote refinery in Nigeria and the expansion of the Trans Mountain pipeline in Canada. Mexican production recorded a drop in the period.
