Global oil product exports have been surging over the last two months, pointing to ample refining capacity and easing supply pressure according to Vortexa.

• Worldwide seaborne exports of all products, including everything from ethane to asphalt, jumped to a new record of 35.4mbd in December.
• Core refined product (naphtha, gasoline, jet/kero, diesel, fuel oil and refinery feedstocks) exports reached a multi-year high of 24.2mbd in December, up by nearly 2mbd vs October levels.
• China, India and Middle East were the dominant contributors to the export surge.
• Russia saw a 1.4mbd hike in diesel exports over the past two months as flows to Europe were maximized ahead of the Feb 5 ban.