French crude imports in November included a new high from the US.
Customs data show imports at 4.3mn t (1.04mn b/d), up by 7pc on the year and down from 4.5mn t a month earlier.
Deliveries of US crude were just over 1.25mn t, up from the previous record of slightly more than 1.2mn t in October and December 2023. The latter month had been the highest, but a downwards revision gave that spot to November 2024.
US crude imports have been arriving on very large crude carriers (VLCC) at the Mediterranean port of Fos-Lavera. A VLCC of WTI grade crude unloaded there in October, in November and in January. Argus' tracking shows US crude as the largest single source of imports at the port.
Each delivery has been for Rhone Energies' 133,000 b/d Fos refinery. This has been operated since November by a consortium comprising trading firm Trafigura and US-based energy infrastructure company Entara. Kpler data show all three VLCCs were arranged by trading firm Vitol.
The US is now by far the biggest supplier to France. It provided 10.2mn t of crude in the January-November period, up from 7.8mn t on the year, ahead of Nigeria with 5.8mn t, Kazakhstan on 4.9mn t and Algeria on 4mn t (see chart).
There is the possibility of further increases in US shipments this year. Rival light sweet grades from Libya are prone to disruption, Nigerian demand for domestic crude 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.
While imports were high in October, overall French crude receipts in the first 11 months of last year were 42.9mn t, lower by 2.4pc on the year, the result of planned and unplanned refinery downtime.