- Asia’s crude oil imports set for soft September
- world’s top-importing region continues to lag the demand recovery in other parts of the world
- seaborne imports in Asia are expected to decline to 31.71 million barrels per day (BPD) in September
- this September’s imports are also down on the 32.12 million BPD from the same month in 2020, and the 32.33 million BPD for September 2019
Asia’s crude oil imports are set to decline for a second month in September as the world’s top-importing region continues to lag the demand recovery in other parts of the world says an article on Reuters.
Imports to decline in September
Seaborne imports in Asia are expected to decline to 31.71 million barrels per day (BPD) in September from August’s 32.34 million BPD, according to data compiled by commodity consultant Kpler.
Second-weakest month for imports
If the final outcome for September is in line with Kepler’s current estimate, it will be the second-weakest month for Asia’s crude oil imports so far this year on a barrels per day basis, beating only July’s 30.91 million BPD.
Data of the month’s imports
September is usually a soft month for imports in Asia as the month falls between the summer and winter peaks, but this September’s imports are also down on the 32.12 million bpd from the same month in 2020, and the 32.33 million bpd for September 2019.
Lackluster imports
Asia’s lackluster imports stand in contrast to strongly rallying crude oil futures, with the global benchmark Brent contract settling at $79.53 a barrel on Monday, the highest since October 2018.
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Source: Reuters
