Weak Buying from Top Users Drags Asia's Oil Imports To Two-Year Low

Weak demand from China and India drives Asia's crude oil imports to a two-year low in July, raising concerns about global oil demand growth.

Crude imports in the world’s most important oil-buying region, Asia , slumped to a two-year low in July amid weak demand in the largest regional buyers – China and India .

The latest official data showed that China’s crude oil imports slumped by 11% in June from a record high in the same month of 2023 amid tepid fuel demand and lower run rates at independent refiners. In the first half of 2024, crude arrivals also dropped, by 2.3% compared to the first half of last year, according to data from China’s General Administration of Customs.

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