China and Japan get the crude oil demand on track; pandemic concerns in Asia remain serious, though

 

China and Japan drive oil markets

Despite the rising infections across Asia, especially in India, the crude oil imports have been rising in the region, according to the latest news from Singapore.

According to the same source, there have been heightened activities at refineries in both China and Japan in proportion to the growth prospects of the countries in question.

China, that was in a buying spree at the height of the pandemic last year, slowed down the import slightly at the beginning of this year, perhaps reeling from the aftermath of pandemic.

A few weeks ago, it was the maintenance phase of its refineries. With that phase coming to an end soon, they have increased the import of crude oil substantially to meet demand of the consumers.

In India – and in the Asian region for that matter – the resurgence of the pandemic continues unabated with alarming number of daily infections; on Friday, the daily infections in India were more than 200,000.

Judging by the developments across the world in the past year, these numbers mean that the next lockdowns are inevitable; although, not official, they are already in the embryonic stage and pathogenic equivalent of miscarriages never took place during the last year.

Like the physical phenomenon, resonance, when the pandemic flares up at one end of the globe, the same thing happen at the opposite end, perhaps, a few weeks later. In short, no one is immune to it.

The Vaccine rollout that made a difference in some countries, unfortunately, got caught up in an unusual storm saturated with political connotations; it has been forced to mimic a pendulum in this climate of uncertainty.

Global oil traders feel happy the crude oil markets remain robust eclipsing the uncertainties.

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