No evidence of oil demand recovery in Asia

September imports lower than August

There is scant evidence that demand in the top importing region of Asia is recovering, as per a report in Economic Times. Imports across the region were lower in September compared to the previous month due to continued high prices and economic disruption from the coronavirus pandemic. Crude imports into Asia were 22.99 mbpd in September 2021 compared to 23.24 mbpd in August 2021, according to Refinitiv Oil Research. Lack of available crude import and product export quotas may have constrained buying by China’s independent refiners, stated the media report.

References
1. https://energy.economictimes.indiatimes.com/news/oil-and-gas/column-asia-crude-oil-imports-stay-soft-but-middle-east-is-regaining-share-russell/86961522