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OIL: Asia Crude Imports Edge Higher in Nov but Still Down on the Year

OIL
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Asia's November crude oil imports edged up to 26.42mbpd in November from 26.11mbpd in October and 26.24mbpd in September, according LSEG data.

  • The increase was led by a recovery by top importer China although are still likely to fall in 2024 compared to last year.
  • Imports were 26.52mbpd in Jan -Nov, a fall of 370kbpd from 26.89mbpd in the same period last year.
  • China's crude imports are expected at a three-month high of 11.62mbpd in November, LSEG shows, but imports were down 3.7% y/y to 10.94mbpd in Jan-Oct, based on customs data.
  • The decline in imports counters the most recent forecast from OPEC for Asia's oil demand growth of 1.04mbpd y/y in 2024.
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Asia's November crude oil imports edged up to 26.42mbpd in November from 26.11mbpd in October and 26.24mbpd in September, according LSEG data.

  • The increase was led by a recovery by top importer China although are still likely to fall in 2024 compared to last year.
  • Imports were 26.52mbpd in Jan -Nov, a fall of 370kbpd from 26.89mbpd in the same period last year.
  • China's crude imports are expected at a three-month high of 11.62mbpd in November, LSEG shows, but imports were down 3.7% y/y to 10.94mbpd in Jan-Oct, based on customs data.
  • The decline in imports counters the most recent forecast from OPEC for Asia's oil demand growth of 1.04mbpd y/y in 2024.