Asian Crude Oil Imports in August

Oil imports from Asia - August

The data clearly shows that the imports were far below the estimated values for August - for obvious reasons.

The analysts, however, are particularly concerned about China's muted interest in sticking to its buying spree that it used to pursue at the height of the pandemic, while cashing in on record-low prices in the global markets.

The arrival of crude oil, bought on the cheap, at an increased rate had created a logistical challenge for the world's largest crude oil importer during the pandemic. Crude oil remained in tankers offshore for weeks before being distributed across vast networks of storing facilities.

In addition, there are reports that show oil, destined to be in China, is still in regional hubs too, until it gets the green light to move towards Chinese ports.

In India, meanwhile, there is a significant drop of oil imports during August; since it is still struggling to keep the pandemic at bay, the situation may not dramatically improve in the coming weeks.

The imports from Japan have fallen from the estimated values for August as well.

In short, the decline in imports can be easily attributed to the direct impact on the Asian economies by the coronavirus pandemic.

 


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