China has also benefitted from buying discounted sanctioned crude
Asia’s changing oil market landscape
Chinese demand is at the forefront of shifting oil contours for Asia for 2024 and beyond
Asian oil markets are poised for a shake-up, as a diverse mix of global supply and demand factors—ranging from a slowdown in Chinese imports to new supply developments influencing where Japanese and Korean buyers source volumes—come into play in the months ahead to potentially reshape long-term trends in the region. China features prominently on the list of uncertainties in the final weeks of 2023 and heading into the new year. Chinese demand has been the biggest driver of the relative oil price strength, with imports expanding by 1.6m b/d year-on-year so far in 2023, to 10.9m b/d, but they are set to trend lower in the final quarter, falling from an average of 11.4m b/d in the first half of
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
