At present, the epidemic situation of new pneumonia in Asian countries has been better controlled than in other parts of the world, economic activities have begun to recover, and oil demand has increased. Demand recovery met a period of sluggish oil prices, prompting major oil importers in Asia to increase imports to enjoy the benefits of low oil prices. Under such circumstances, low oil prices may help several Asian economies to regain their economic vitality.
China, India, Japan and South Korea are the world's major oil importers. According to data from the US Energy Information Administration (EIA), the total daily oil consumption of these four countries in 2017 was 24.5 million barrels, accounting for about 1/4 of the total global consumption. Our company provides high strength sucker rod.
Since oil prices plummeted at the end of February, major oil importers in Asia have been buying large quantities of oil. Lufute's data shows that despite China' s economic growth has slowed significantly, China still imported 42.6 million tons of oil in April, which was basically the same as last year. South Korea imported 14.1 million tons of crude oil, a record high. Japan imported 13.9 million tons of crude oil, the highest level in more than a year. In India, data from Rufut shows that in March, India imported 20.3 million tons of oil, setting a record high for the country' s monthly oil imports. However, by the end of March, India had entered a national blockade, and Indian refineries were forced to shut down production capacity and resell the crude oil they purchased to the Asian spot market.
Eurasian Group Energy and Resources Director Henning Glostein said: "If no one is using it, it is not important that oil is cheap or not cheap. China has basically lifted the strict blockade adopted to prevent and control the new coronary pneumonia epidemic. Measures, all provinces have lifted the first-level response. In this case, the demand in Northeast Asia will first recover from the global pandemic of the new coronary pneumonia, so the Northeast Asian market will first benefit from low oil prices. "Luft Oil Asia Research director YawYanChong said: "Although some of the oil imported in April entered the national reserves, in terms of China and South Korea, the strong imports in April also reflected the return of domestic demand. China's recovery is faster than any other country. "
In addition to East and South Asian countries, the epidemic situation in some Southeast Asian countries such as Thailand and Malaysia has also greatly improved, and the demand of these countries is also recovering in an orderly manner.
The above information is provided by polished rod manufacturer.
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