energytoday.irGlobal Oil Markets under Pressure as Asia Destocks, China
Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has
4 days agoIn stock markets abroad, Hong Kong's Hang Seng fell 0.6% following the harsh words tossed between the United States and China. A report over the weekend also said that China's factory activity contracted in May,
Global oil markets under pressure as Asia destocks, China
11:43 AM UTC Updated ago
The abrupt production cuts by OPEC and its allies may prompt Asia to recalibrate its buying strategy at a time when the region is witnessing demand recovery after years of pandemic
Financial PostGlobal oil markets under pressure as Asia destocks, China
Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while re
Flurry of offers from storage as Brent in backwardation. * Asia Q2 demand lower on refinery maintenance. * Sellers of Russian, African, US oil grades cut prices.
SweetcrudereportsGlobal oil markets under pressure as Asia destocks, China
Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has
The weakness in Asia's crude imports in the January-February period was driven by China, with the world's top oil importer seeing arrivals of 10.42 million bpd, down 840,000 bpd
indiatimesGlobal oil markets under pressure as Asia destocks, China imports slowed
Chinese independent refiners, which account for a fifth of the country's imports, have slowed imports in the second quarter because of refinery maintenance, strong Brent prices and a
Oil. Global oil markets under pressure as Asia destocks, China imports
marketscreenerGlobal oil markets under pressure as Asia destocks, China imports slowed
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* Flurry of offers from storage as Brent in backwardation * Asia Q2 demand lower on U.S. oil grades cut Global oil markets under pressure as Asia destocks, China imports
Global oil markets under pressure as Asia destocks, China imports
Asia. Global oil markets under pressure as Asia destocks,
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Asia's falling crude oil imports challenge 2025 demand forecasts
The weakness in Asia's crude imports in the January-February period was driven by China, with the world's top oil importer seeing arrivals of 10.42 million bpd, down 840,000 bpd
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- Why is global oil demand slowing?
- Growth in the world’s demand for oil is expected to slow in the coming years as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity towards levels unseen outside of the Covid crisis, according to the IEA’s new oil market outlook.
- Why are oil prices rising in Asia?
- The increase is set to be driven by emerging economies in Asia – especially higher oil use for transport in India – and by greater use of jet fuel and feedstocks from the booming petrochemicals industry, notably in China.
- Will global oil production surge outstrip demand growth?
- In parallel, a surge in global oil production capacity, led by the United States and other producers in the Americas, is expected to outstrip demand growth between now and 2030.
- When was the last time oil demand was low?
- Apart from during the pandemic, the last time oil demand from advanced economies was that low was 1991. Producers outside of OPEC+ are leading the expansion of global production capacity to meet this anticipated demand, accounting for three-quarters of the expected increase to 2030.
- Is oil demand declining in advanced economies?
- By contrast, oil demand in advanced economies is expected to continue its decades-long decline, falling from close to 46 million barrels per day in 2023 to less than 43 million barrels per day by 2030. Apart from during the pandemic, the last time oil demand from advanced economies was that low was 1991.
- Why did the OPEC+ Alliance push crude prices down?
- Some of Monday’s strongest action was in the oil market, where the price of crude spurted more than 3%. The countries in the OPEC+ alliance decided to increase their production again, a move that often pushes crude prices down because it puts more on the market, but analysts said investors were widely expecting it.
