Despite expected higher arrivals in November, Asia’s crude oil imports are on track to decline this year compared to 2023, confirming market concerns about weaker oil demand than previously expected.
This month, a rebound in Chinese crude oil imports is set to push overall Asian crude arrivals higher compared to October and September, according to data compiled by LSEG Oil Research cited by Reuters columnist Clyde Russell.
But the tracked import data for the first 11 months of the year showed that Asian crude oil imports are on course to drop in 2024 from last year’s levels.
In November, Asia is on track to import 26.42 million barrels per day (bpd) of crude, slightly higher compared to 26.11 million bpd in October and 26.24 million bpd in September, per the LSEG Oil Research data.
Higher Chinese imports are the driver of the uptick in Asia’s crude arrivals in November.
China is on track to have boosted its crude oil imports in November—thanks to low oil prices, not high demand.
However, over the period January to November, overall Asian crude oil imports are estimated to average 26.52 million bpd. This is a decline of 370,000 bpd compared to the 26.89 million bpd tracked by LSEG for the same period last year.
Oil demand in the world’s top crude-importing region has been underwhelming so far this year, with Chinese demand especially disappointing.
OPEC, whose key oil export market is Asia, has cut its estimates of global and Chinese oil demand growth for several consecutive months now.
In its latest report this month, OPEC slashed its forecast of global oil demand growth for the fourth consecutive month.
The downward revision of global demand growth forecasts reflected yet another reduction in OPEC’s expectations of Chinese oil demand growth.
OPEC cut China’s demand growth forecast to 450,000 bpd this year, down from 580,000 bpd growth expected last month. The assessment of Chinese oil demand growth in 2025 was also cut by around 100,000 bpd and OPEC now sees Chinese demand growing by just 310,000 bpd in 2025, down from a previous projection of 410,000 bpd growth.
Source: By Tsvetana Paraskova from Oilprice.com