US crude exports remained below 3mn b/d for the second consecutive week, the lowest combined two-week total since February 2022.
US crude exports fell to 2.31mn b/d in in the week ending 27 June and continued their slump at 2.76mn b/d for the week ending 4 July, according to the US Energy Information Administration.
For the two-week period US crude exports fell by an average of 1.67mn b/d from 2024 US crude exports, which totaled 4.4mn b/d in the final week of June 2024 and just under 4mn b/d in the first week of July 2024.
With operating costs in Europe increasing, many refiners have opted to purchase lower-priced alternatives to WTI, such as CPC blend.
CPC Blend crude has been displacing some WTI barrels in Asia and Europe in 2025 following increased production from Kazakhstan's Tengiz field. Exports of light sour CPC Blend crude increased by 11pc on the year in the first half of 2025 to 1.58mn b/d, supported by heightened production from Kazakhstan's Tengiz field.
Exports to the Asia-Pacific surged by 53pc to 317,000 b/d, with shipments to China more than tripling. However, interest from Asian buyers waned in April due to competitive alternatives, and by May, supplies stalled, leading to only one June-loading cargo booked for Asia.
As eastbound flows diminished, shipments were redirected to European markets, which had a 34pc increase to a record 313,000 b/d in January-June, particularly to Rotterdam. August loadings are scheduled at 1.65 mn b/d, primarily made up of Kazakh-origin crude. Early loading allocations may have been driven by strong European demand.
The arbitrage for WTI from the US Gulf Coast to Europe was also difficult to work in most of May and June, when these cargoes would have traded, which could have also contributed to the decline in US crude exports at the end of June and the beginning of July.
