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
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
