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Asia’s Crude Oil Imports Hit 12-Month High: Reuters

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Asia’s imports of crude oil rose to the highest level in 12 months in May, driven by strength in India’s buying appetite, Reuters said.

  • Asia is expected to import around 27.81m b/d in May, up from 26.89m b/d in April.
  • Imports into India are expected to rise to an all-time high of 5.26m b/d, up 710k b/d from April.
  • India’s demand appetite has been bolstered by its robust economic performance, with GDP up 8.4% in the three months to December, Reuters said.
  • The availability of discounted Russian barrels is also supporting Indian imports, with 1.96m b/d of its crude of Russian origin. This compares to 1.6m b/d in April.
  • While India’s buying has been strong, China’s imports continued to trend weaker, with May arrivals down 210k b/d on the month to 10.72m b/d.
  • China may also cut imports from Saudi Arabia in June after Aramco increased its OSPs for the fifth consecutive month.

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Asia’s imports of crude oil rose to the highest level in 12 months in May, driven by strength in India’s buying appetite, Reuters said.

  • Asia is expected to import around 27.81m b/d in May, up from 26.89m b/d in April.
  • Imports into India are expected to rise to an all-time high of 5.26m b/d, up 710k b/d from April.
  • India’s demand appetite has been bolstered by its robust economic performance, with GDP up 8.4% in the three months to December, Reuters said.
  • The availability of discounted Russian barrels is also supporting Indian imports, with 1.96m b/d of its crude of Russian origin. This compares to 1.6m b/d in April.
  • While India’s buying has been strong, China’s imports continued to trend weaker, with May arrivals down 210k b/d on the month to 10.72m b/d.
  • China may also cut imports from Saudi Arabia in June after Aramco increased its OSPs for the fifth consecutive month.

Keep reading...Show less