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.
Oil prices rise as energy firms post positive earnings and U.S. data shows a decline in crude output and rise in fuel demand. Brent and WTI record second straight weekly declines, with a fourth straight monthly decline for Brent as uncertainty over interest rate hikes weigh on the demand outlook. U.S. officials coordinate talks to rescue First Republic Bank.
As a homegrown company with a nationwide reach, Libyan oilfield services firm Wazen is able to navigate the country’s choppy waters better than most. MD Ib.