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Asian crude oil imports remain weak

 Last Update: 2023-01-15
 Source: Internet
 Author: User

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While crude prices have rebounded to three-year highs, there is little evidence that demand is recovering in Asia's biggest importer
.
In fact, imports across the region fell in September from the previous month, as high prices and economic disruption caused by the Covid-19 pandemic continued to weigh on fuel demand
.

Early evidence suggests that major producers in the OPEC+ exporting group are raising production and lowering official selling prices while regaining market share lost as a result of previous cuts
.

According to Refinitiv Oil Research, Asia imported 22.
99 million bpd of crude oil in September, down from 23.
24 million bpd in August and only marginally higher than July's 22.
61 million bpd
.

The weakness in September imports likely reflects the high official selling prices of Middle East grades when arranging shipments for September arrivals
.

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