US seaborne crude/condensate exports seem to have slowed down in January 2023 compared to the record highs seen in 4Q 2022. But developments in Asia are suggesting strong refinery demand. This comes along with Europe’s continued need to replace Russian barrels, jointly providing strong tailwinds for US crude exports. As for the decrease in January US crude exports, a strong December for global refined product exports and subsequently well supplied product markets may well be the reason behind this temporary dip.