SunSirs--China Commodity Data Group

Sign In

Join Now

Contact Us

Home > WTI crude oil Diesel Gasoline WTI crude oil News > News Detail
WTI crude oil Diesel Gasoline WTI crude oil News
SunSirs: Oil imports in Asia Decreased in April Due to Slowing Crude Oil Procurement from China and India
May 05 2023 10:44:53()

 

On May 4th, according to foreign news, Asia's largest crude oil buyers - China and India - saw their import volumes fall from their high levels in March, causing the region's overall crude oil imports to be lower than last month.

According to analyst Clyde Russell, the daily average sales of crude oil to the Asian region in April were 26.39 million barrels, down from 27.6 million barrels in March.

China and India are the first and second largest crude oil importers in the Asian region, with imports both declining in April compared to March.

China - Data shows that China's crude oil imports in March were close to a three-year high, but the import volume in April was only 10.67 million barrels per day, far lower than March's 12.37 million barrels per day.

India - Imports are expected to be 4.6 million barrels per day in April, lower than the eight month high of 5.02 million barrels per day set in March.

Data shows that Russia remains the top crude oil supplier to China and India, as compared to international benchmark prices, Russian crude oil prices are cheaper.

Oil prices soared in the first two weeks of April, because the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC, announced on April 2 that they would reduce production by 1.16 million barrels per day from May to December this year.

However, since mid April, oil prices have fallen and hit their lowest point for the year due to concerns about China's recovery caused by an unexpected slowdown in manufacturing activity in April, as well as concerns about the looming recession after another interest rate hike by the US banking industry and the Federal Reserve.

But the rise in oil prices in early April and the increase in official prices for May crude oil shipments in the Middle East may mean a decrease in imports from China and India in the coming weeks, which coincides with the peak maintenance period for refineries.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

Exchange Rate:

8 Industries
Energy
Chemical
Rubber & Plastics
Textile
Non-ferrous Metals
Steel
Building Materials
Agricultural & Sideline Products