Asia’s crude oil imports hit record high, but it’s not China
Asia’s imports of crude oil reached a record high in January, but the strength wasn’t driven by China, with the world’s biggest buyer actually recording a decline. Asia’s total imports were 29.13 million barrels per day (bpd), up 11.1% from December’s 26.22 million bpd and eclipsing the previous all-time high of 29.10 million bpd from November, according to data compiled by Refinitiv Oil Research. Much of the recent market narrative has been how China’s re-opening from COVID-19 lockdowns will drive up crude oil demand, but the data shows this story ...
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