Tuesday

08-04-2025 Vol 19

Tanker Market: EU Crude Oil Imports Decline Since January 2025

Since the beginning of 2025, the EU’s crude oil imports have shown a noticeable decline. According to Banchero Costa, exports from the Arabian Gulf fell by 5.0% year-on-year (y-o-y) to 139.5 million tonnes in January and February 2025, comprising 40.1% of global seaborne crude trade.

Similarly, exports from Russian ports, including oil originating from Kazakhstan, dropped by 7.1% y-o-y to 35.9 million tonnes, representing 10.3% of the global market. In contrast, South American exports rose by 2.6% y-o-y to 32.3 million tonnes, while US exports decreased significantly by 11.3% to 30.4 million tonnes.

Southeast Asia saw an even steeper decline, with exports plummeting by 33.2% y-o-y to 15.4 million tonnes. In terms of import demand, Mainland China remained the largest seaborne importer of crude oil, accounting for 22.4% of global trade despite a 7.6% y-o-y decrease in volumes to 76.2 million tonnes.

The European Union’s imports also fell by 5.1% y-o-y to 75.3 million tonnes, maintaining a 22.4% share of global trade. In contrast, India experienced a slight increase of 2.1% y-o-y to 39.6 million tonnes, while ASEAN imports declined by 10.5% y-o-y.

Banchero Costa noted that the EU had regained its position as the second-largest seaborne importer of crude oil. In 2024, crude oil imports into the EU27 rose by 1.0% y-o-y to 396.8 million tonnes, with the majority of shipments arriving via Suezmaxes and Aframaxes.

Furthermore, seaborne imports from Russian ports decreased by 3.8% y-o-y, down by over half since 2022. Novorossiysk remains the largest port of origin for crude imports into the EU, but Russian sources are now the fourth-largest, with North Africa, the North Sea, and the USA leading the way.

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