LAUNCESTON, Australia, May 30 (Reuters): Asia's imports of crude oil rose to the highest in 12 months in May, with the strength being driven by India as the region's second-biggest buyer is on track to see record arrivals.
The world's top crude importing region is expected to have arrivals of 27.81 million barrels per day (bpd), up from 26.89 million bpd in April, according to data compiled by LSEG Oil Research.
That's an increase of 920,000 bpd month-on-month, with the bulk of the gain being accounted for by India, where imports are expected to rise to an all-time high of 5.26 million bpd, up 710,000 bpd from April's 4.55 million bpd.
In contrast to the strength in India, imports by China, the world's biggest crude importer, continued to trend weaker, with May arrivals slated at 10.72 million bpd, down from 10.93 million bpd in April, and the lowest on a per day basis since January.
Meanwhile, oil prices were broadly steady on Thursday, ahead of US crude oil stockpiles data, inflation data and an OPEC+ meeting to decide on supply cuts through the rest of the week.
Brent futures were down 18 cents or 0.2 per cent to $83.42 a barrel as of 1151 GMT, while US West Texas Intermediate (WTI) crude fell 4 cents or 0.05 per cent to $79.19.
Both benchmarks are headed for monthly losses, with Brent futures on track for a decline of more than 5 per cent from last month, while WTI was poised for a slide of over 3 per cent.
Asia's oil imports hit 12-month high
Oil prices steady before stocks and inflation data, OPEC+ meeting
FE Team | Published: May 30, 2024 23:51:26
Asia's oil imports hit 12-month high
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