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OIL: Asia Crude Imports Fall y/y in H1 2024 Despite Demand Growth Forecasts

OIL

Crude imports to Asia ticked lower year on year in the first half of 2024 despite expectations for the region to lead global demand growth according to Reuters.

  • Asia imported 27.16mbpd in January to June 2024 down 130kbpd from 27.29mbpd in H1 2023, according to LSEG Data.
  • An increase in imports by India were not enough to offset lower arrivals in China.
  • China's imports fell 300kbpd y/y to about 11.08mppd in H1 2024 based on official customs data and the LSEG June forecast
  • India crude imports were however up 90kbpd y/y to about 4.94mbpd in H1 2024.
  • Data suggests both China and India are below the OPEC forecast growth suggesting a strong second half will be needed to meet forecasts.
  • OPEC's June monthly oil market report forecast Asia's crude demand to rise by 1.3mbpd in 2024 y/y driven by 720kbpd for China and 230kbpd for India. IEA forecast Asia demand growth of 900kbpd in 2024 with 500kbpd in China.

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