In the first quarter of 2025, BTC Co. spent $32 million in operating expenditure and $13 million in capital expenditure.

By Asif Aydinly

The global export of crude oil declined by 2% in 2024—the first drop since the COVID-19 pandemic—marking significant shifts in the global oil industry. Reuters, citing shipment data, notes that this decrease stems from weak demand growth, changes in refinery operations, pipeline disruptions, and the redistribution of global trade routes. These factors have exacerbated an already volatile global oil market. Geopolitical tensions remain a major factor influencing the market. The Russia-Ukraine war and escalating conflict in the Middle East have disrupted traditional supply chains. Sanctions and restrictive measures have redirected Russian exports from Europe to India and China.

Iranian crude exports to China have been impacted by broader US sanctions targeting tankers, according to Vortexa Ltd., disrupting oil deliveries to Iran's most significant customer.