France's US crude imports at record again in December

Market: Crude oil
21/02/25

French crude imports in December included a record amount from the US for a third consecutive month, and the US was France's largest crude supplier in 2024.

Customs data show imports at 4.2mn t (990,000 b/d) in December, down by 2pc on the year and down from 4.3mn t a month earlier. Deliveries in 2024 were 47.1mn t, lower by 2.4pc on the year.

Deliveries of US crude were 1.34mn t in December, up from slightly more than 1.25mn t in November and just over 1.2mn t in October.

US crude has continued to arrive in January and February. The US was the largest supplier to the Mediterranean port of Fos-Lavera in January, with more cargoes arriving there and at the Atlantic Le Havre terminal this month, according to Argus tracking.

The US is now by far the biggest supplier to France. It provided 11.5mn t of crude in 2024, up from 9mn t in 2023, with the large majority being light sweet WTI.

The US supplied no crude to France 10 year ago. The growth since has significantly altered the French crude slate, pushing it lighter and less sulphurous. As recently as 2019, when 4.4mn t of US crude arrived, medium sour grades Saudi Arab Light and Russian Urals accounted for more than 15mn t between them, split 2:1 in favour of Saudi Arabia. Sanctioned Urals was absent in 2024 for a second year in a row and Saudi Arabia supplied just 1.3mn t, down from 3.5mn t in 2023.

There has not been a major shift in other suppliers (see chart). Last year Nigeria supplied 6.4mn t, down marginally on 2023, Kazakhstan shipped 5.3mn t down from 5.6mn t and Algeria 4.2mn t, down from 4.6mn t.

While French refinery availability has been plagued by problems since the fourth quarter of 2019, the lighter sweeter crude slate has resulted in higher production of light products naphtha and gasoline. This increase has occurred even after TotalEnergies definitively closed its 93,000 b/d Grandpuits refinery at the start of 2021.

There is the possibility of continued support for US shipments this year. Alternative light sweet Libyan crude can be prone to political disruption, Nigerian domestic crude consumption is growing as the 600,000 b/d Dangote refinery ramps up, and Kazakhstan is under pressure to compensate for exceeding its Opec+ output target and could limit deliveries of CPC Blend.

By Adam Porter

French crude imports mn t

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