The crude oil price opened on the 1st December at $65 a barrel, which was one of the low points in the last six months. Since then, it’s been on a bull run on all the way up to nearly $95 a barrel recently. The gains made meant that December was a particularly strong month, with crude oil jumping 13% compared to November and oil products went up 9% compared to November. From the published data, 159 million tonnes of crude oil was exported in December, which was the highest monthly number for all of 2021. India, China and South Korea had notably strong volumes.
Oil products had strong volumes in December at 89 million tonnes Particularly good was gas oil at 29 million tonnes, the strongest volume since April. Gasoline remains upbeat at 21 million tonnes.