Asia’s first half crude oil imports slip, undermining bullish forecasts

Quick Summary:

ASIA’S imports of crude oil ticked lower in the first half of 2024 from the same period last year, defying expectations that the top-consuming continent would lead global demand growth.

Domestic production was 4.28 million bpd in the first five months of the year, up 1.8% or about 140,000 bpd from the same period in 2023.

Opec’s June monthly oil market report forecast that China’s oil demand would grow by 720,000 bpd in 2024 over 2023, while the IEA is expecting an expansion of 500,000 bpd.

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Article Details

Author / Journalist: CLYDE RUSSELL

Category: EconomyBusiness

Markets: MalaysiaChinaIndia

Topics: /Business/Insight IEA Asia Crude oil Opec Energy

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-02 @ 00:00:00 (5 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 708 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21450762

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