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Asian Crude Oil Imports Decline in July Due to Weak Demand from China

by Krystal

LAUNCESTON, Australia, Aug 1 (Reuters) – Asia’s crude oil imports fell to their lowest level in two years in July, driven by weak demand from top importer China and a decrease in India.

In July, Asia, the world’s largest oil-importing region, received a total of 24.88 million barrels per day (bpd). This marked a 6.1% decline from the previous month and the lowest daily import rate since July 2022, according to data from LSEG Oil Research.

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For the first seven months of the year, Asia’s average imports stood at 26.78 million bpd. This is a drop of 340,000 bpd compared to the same period in 2023.

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The sustained weakness in Asia’s oil imports challenges forecasts for strong growth in the region’s oil demand, particularly those from the Organization of Petroleum Exporting Countries (OPEC).

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OPEC’s July monthly oil market report maintained the group’s forecast that global oil demand would rise by 2.25 million bpd in 2024. This increase is expected to be led by a 760,000 bpd rise in China, supported by a 230,000 bpd gain in India, and an additional 350,000 bpd from the rest of Asia.

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