Latest news with #oilexports
Globe and Mail
19 hours ago
- Business
- Globe and Mail
America's trade deficit with Canada is vanishing
If there's a silver lining in Canada's gruesome trade numbers for April, it's that one of the dubious excuses behind President Donald Trump's trade war with Canada is rapidly going away. That would be the trade deficit the U.S. runs with this country. Since returning to the White House, Mr. Trump has regularly thrown out wild claims that the U.S. 'is spending US$200-billion a year to subsidize Canada.' At other times he's pegged the U.S. trade deficit with Canada at US$250-billion. In reality, the annual trade deficit was around US$60-billion last year. Now, with Canadian exports to the U.S. tumbling by 15.7 per cent in April from the month before, the third-straight monthly decline, the U.S. trade deficit is rapidly vanishing. In April the U.S. trade deficit shrank to US$2.2-billion, according to the U.S. Census Bureau, the lowest level since early 2021. Mr. Trump's inaccurate claims about the imbalance in trade between the two countries have been made worse by his decision to overlook the role Canadian oil exports to the U.S. have played in driving the deficit. With oil prices tumbling amid the uncertainty brought on by Mr. Trump's global trade war, that's helped narrow the U.S. trade deficit with Canada. In reality, if crude petroleum is excluded from the picture, the U.S. has long enjoyed a trade surplus with Canada. The only sizable exception to that was the start of this year, as Canadian exporters rushed to move their products into the U.S. ahead of the tariffs. Excluding oil, the U.S. trade surplus with Canada in April was the largest in years. Whether Mr. Trump notices, or cares, is another matter.
Bloomberg
20 hours ago
- Business
- Bloomberg
China Skips US Oil Purchases for Second Month on Trade Impasse
China, the world's largest oil importer, avoided buying American crude for a second straight month as the nation's trade dispute with the US continues to unsettle markets. Dragged down by the absence of Chinese purchases, US oil exports slid to the lowest this year in April, according to US Census data. In the same month a year earlier, China bought 297,000 barrels a day from the US and three times that amount in 2023, the data shows. March and April mark the first time since the pandemic that Chinese refiners skipped buying from the US for two straight months.
Zawya
3 days ago
- Business
- Zawya
ADNOC lowers Murban export forecast for August 2025 to May 2026
SINGAPORE - Abu Dhabi National Oil Co (ADNOC) has lowered its monthly export forecast for Murban crude from August to next May to increase processing at its own refinery, the company said. ADNOC set its August export forecast of the light Murban grade at 1.705 million barrels per day (bpd), according to a company report on Saturday. That is 65,000 bpd lower than the 1.77 million bpd forecast previously. ADNOC also lowered the forecast for September 2025 to May 2026 by 100,000-177,000 bpd while keeping forecast volumes for June and July 2025 unchanged. The reduction is primarily because of feedstock optimisation and increased Murban processing at ADNOC's Ruwais plant, it said in the report. The company had been increasing Murban exports as a result of OPEC+ output increases that pressured crude prices. The OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries and allies such as Russia has agreed to increase production by nearly 1.4 million bpd between April and July.
Bloomberg
28-05-2025
- Business
- Bloomberg
Falling Russian Oil Prices Drive Exports' Value to Two-Year Low
The value of Russia's crude shipments hit a two-year low in the four weeks to May 25 even as Moscow shrugged off a threat that the G-7 group of nations may tighten the price cap on the country's exports. Flows averaged 3.39 million barrels a day in the four weeks to May 25, tanker-tracking data compiled by Bloomberg show. That was down by just 10,000 barrels a day on the period to May 18. But the gross value of those cargoes was the lowest since April 2023.
Bloomberg
20-05-2025
- Business
- Bloomberg
Russian Oil Flows Are Becoming Increasingly Obscured
Russia's oil exports are becoming increasingly difficult to track as the tankers moving the barrels disappear from digital tracking systems. Moscow's exports slipped slightly in the past four weeks, according to monitoring of those flows by Bloomberg. But keeping track is becoming harder because more and more ships are giving false locations — or no locations at all — to the industry's Automated Information System, or AIS for short.
