Asia s imports of crude oil saw robust growth in January, reaching an eight-month high of 28.57 million barrels per day (bpd), led by top buyers China and India. China imported 11.31 million bpd, slightly below December s figure but well above the same month in 2023. China s imports from Russia surpassed those from Saudi Arabia, although Saudi Arabia increased its exports to regain market share in China. India, Asia s second-biggest importer, is on track for record imports in January, with arrivals of 5.33 million bpd.
Crude Oil Import: Asia s imports of crude oil saw robust growth in January, reaching an eight-month high of 28.57 million barrels per day (bpd), led by top buyers China and India. China imported 11.31 million bpd, slightly below December s figure but well above the same month in 2023. China s imports from Russia surpassed those from Saudi Arabia, although Saudi Arabia increased its exports to regain market share in China. India, Asia s second-biggest importer, is on track for record imports in January, with arrivals of 5.33 million bpd.
Even as the government wants to reduce India’s high dependency on imported crude oil, sluggish domestic oil output in the face of steady growth in domestic demand has led to reliance on imports rising over the years.