Asia’s crude oil imports recover on European winter demand hopes

Asia’s imports of crude oil recovered in September, but the increase is likely more a reflection of expectations of improved product demand from Europe over the coming winter rather than a sign of economic strength.

The world’s top-importing region brought in 26.58 million barrels per day (bpd) of crude in September, up from 24.90 million bpd in August, according to data compiled by Refinitiv Oil Research.

It was the third-highest month for imports this year and the most since May’s 26.62 million bpd.

But a breakdown of the September imports shows that just two countries accounted for 85 per cent of the increase from August and this was mainly because they increased refinery utilisation after maintenance periods.