16:27 - 7.01.2025

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January 7, Fineko/abc.az. The volume of global crude oil exports in 2024 decreased by 2%, which was the first drop since COVID-19 pandemic.

ABC.AZ informs that this occurred because of weak demand growth, as well as changes in refineries and pipelines, which led to changes in trade routes.

For the 2nd year in a row, global crude oil supplies have been experiencing difficulties due to Russia's conflict in Ukraine and the conflict in the Middle East, which is why tanker shipments are being redirected, and suppliers and buyers are divided by region.

Middle Eastern oil exports to Europe have declined, and Europe has received more oil from the U.S. and South America.

Russian oil, which was previously supplied to Europe, was redirected to India and China.

These changes have become more noticeable as refineries in Europe have closed amid ongoing attacks on shipping in the Red Sea.