Global crude exports declined in 2024 due to weak demand growth and reshuffling of trade routes caused by refinery and pipeline changes. Middle East oil exports to Europe fell 22%, while the US increased its share of global oil trade to 9.5% with shale production. The shift in oil flows has led to closer relationships between Russia and India, China and Iran, reshaping oil trade. Changes in oil demand forecasts and the rise of renewable energy have created uncertainty and volatility in the market. New refineries and pipelines in Nigeria, Canada, Bahrain, Oman, Iraq, and Mexico are also altering global oil trade dynamics.