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.
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.
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).
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.