Asia’s crude oil imports reached a 12-month high in May, fueled by a massive increase in demand from India. The region is estimated to have imported 27.81 million barrels per day (bpd) of oil, up from 26.89 million bpd in April.
India, the world’s second-largest crude oil importer, is leading this rise. Their imports are expected to hit a record high of 5.26 million bpd in May, a significant jump from 4.55 million bpd in April.
In contrast, China, the world’s top importer, saw a decrease in imports. May arrivals are estimated at 10.72 million bpd, down from 10.93 million bpd in April. This marks China’s lowest daily import level since January.
South Korea and Japan, Asia’s third and fourth largest oil importers, maintained relatively stable import levels compared to April. South Korea imported around 2.87 million bpd, slightly lower than April’s 2.91 million bpd. Japan’s imports increased slightly to 2.38 million bpd from 2.31 million bpd in April.
Overall, Asia’s oil import growth is primarily driven by India’s strong demand, while China’s imports are on a downward trend.
Source: Reuters