Suez Canal Boosted By Saudi, US Oil Trade Transformations

*Egypt’s Suez Canal, the key international waterway connecting the Atlantic Basin and Asia-Pacific markets, is benefiting from changing flows in international oil trade. The route bagged Egypt a record $5.73bn in revenue for 2018. And, with most key indicators up year-on-year for Q1 (see table), 2019 is shaping up to be a new record year.

*Oil is the largest single commodity to transit the canal (60.1mn tons for Q1, 21% of the 258mn tons total). And crude not surprisingly accounts for the largest portion of oil shipments in both a northbound and a southerly direction. But the biggest changes in trade flows in recent times have been for oil products. Northbound products shipments hit a record 1.43mn b/d for Q1 whilst southbound shipments of 1.58mn b/d were just shy of an all-time high set two years earlier. (CONTINUED - 1048 WORDS)

DATA INSIDE THIS ARTICLE

chart Northbound Suez Canal Products Shimpents Hit A Record 1.43mn B/D In Q1 With Record Diesel Shipments Following On From Bumper 2018 ('000 B/D)
chart Southbound Shipments Of Both Crude & Oil Products Area At Near-Record Levels With Increased Volumes From The Us Heading To Asia
chart Suez Canal Monthly Revenue ($Mn): 2018 Revenue Hits Record $5.73bn
table Suez Canal 1Q19 Data: Record Products Shipments, But Crude Falls To 6-Year Low
table Saudi Key Oil Data Jan-Feb 2019 (‘000 B/D): Refineries Maxed Out Amid Record Demand