
Asia’s Crude Oil Imports and Demand Could Drive Oil Prices
By Gordon KristopherUpdated
China’s crude oil imports 
China’s General Administration of Customs estimates that the country’s crude oil imports fell by 810,000 bpd (barrels per day) to 8.4 MMbpd (million barrels per day) in April 2017—compared to March 2017. Imports fell 8.8% in April 2017—compared to March 2017. However, imports rose 5.5% from the same period in 2016.
India’s crude oil imports and demand
India’s oil ministry’s petroleum planning and analysis cell estimates that India’s fuel oil consumption rose 3.3% in April 2017—compared to March. Oil consumption was at 4.53 MMbpd in March 2017. Strong domestic consumption will drive the demand for crude oil imports in the coming months. According to the International Energy Agency, India imports 80% of the crude oil.
South Korea 
South Korea’s crude oil imports rose 4.9% to 278.18 MMbbls in 1Q17. South Korea’s imports rose due to the rise in imports from Iran. South Korea is the eighth-largest oil consumer in the world. The EIA estimates that South Korea consumes 2.4 MMbpd of crude oil.
Japan 
Japan’s crude oil imports increased to 3.53 MMbpd in April 2017—1.8% higher than the same period in 2016.
Impact on crude oil, energy stocks, and ETFs  
High crude oil imports from China, India, Japan, and South Korea could have a positive impact on crude oil (RYE) (USO) (VDE) prices. High crude oil prices could have a positive impact on producers’ margins like Chevron (CVX), SM Energy (SM), Sanchez Energy (SN), and Goodrich Petroleum (GDP).
Read Why Traders Are Tracking US and OECD Crude Oil Inventories and OPEC Extended the Output Cut Deal: Stable Crude Oil Prices? for more on crude oil prices.
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