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6 Min Read
AT A GLANCE
· U.S. crude oil exports to Asia reached a record in 2020, and increased crude demand in the region is expected to continue
· One of the effects of China’s early economic recovery from COVID was a rise in demand for crude oil
The strong economic recovery throughout much of Asia is driving high demand for crude oil. Demand is expected to remain robust going forward, provided economic activity continues to rebound.
Rising Demand
Refiners in China are increasing imports of crude oil as they look to meet growing domestic demand, driven by increased activity in their industrial and transport sectors. China reported GDP growth of 2.3% in 2020, with fourth quarter GDP coming in at 6.5%, after it succeeded in getting COVID-19 cases under control early in the year, enabling it to lift lockdown restrictions and allow economic activity to resume.
AT A GLANCE
U.S. crude oil exports to Asia reached a record in 2020, and increased crude demand in the region is expected to continue
One of the effects of China’s early economic recovery from COVID was a rise in demand for crude oil
The strong economic recovery throughout much of Asia is driving high demand for crude oil. Demand is expected to remain robust going forward, provided economic activity continues to rebound.
Rising Demand
Refiners in China are increasing imports of crude oil as they look to meet growing domestic demand, driven by increased activity in their industrial and transport sectors. China reported GDP growth of 2.3% in 2020, with fourth quarter GDP coming in at 6.5%, after it succeeded in getting COVID-19 cases under control early in the year, enabling it to lift lockdown restrictions and allow economic activity to resume.