The oil price was just under $80 a barrel for most of November, then dropped dramatically towards the end of November. As the Omicron variant became apparent, fear of falling global activity left oil falling to nearly $65 a barrel. Overall, oil trade growth remained static between October and November.
Saudi Arabia export percentage increase was getting higher at 27 million tonnes compared to 25.3 million tonnes the month before. While Russia decreased to 10.3 million tonnes falling by 2 million tonnes from the month before.
Oil product trade increased 7% in November with fuel oil and gasoline with the best gains. LNG volumes remains the same for November. However, tonne mile growth was up 10%, as volumes travelled further. China was the biggest recipients of LNG in November. They imported 7.5 million tonnes which is the highest volume since January with a lot of those volumes likely coming from the US.