July 23, 2024
OIL MARKET: How COVID 19 slashed China’s demand to 8.7 mb/d
Middle East: Oil demand remains low despite the ease in COVID-19 lockdown
– By Godswill Odiong

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By Eyo Nsima
The resurgence of Coronavirus pandemic has slashed oil demand in China to 8.7 million barrels per day, mb/d, according to the Organisation of Petroleum Exporting Countries, OPEC.

This also weakened or reduced the importation of crude oil from major markets around the world, including Nigeria.

In its August 2022 Monthly Oil Market Report, MOMR, obtained by The Daily, www.thedaily-ng.com, OPEC maintained that China’s crude imports fell to an almost four-year low of 8.7 mb/d in June and are expected to remain at low levels, as lockdown measures earlier in the year and a spike in buying triggered by geopolitical developments in February have left inventories at ample levels.

“India’s crude imports edged higher, averaging 4.7 mb/d in June, with Russia flows up 0.9 mb/d y-o-y according to secondary sources.

“India’s crude imports are likely to remain close to current levels in July, with Russian inflows remaining above 1.0 mb/d but with slight lower flows from elsewhere.

“Preliminary data shows US crude imports reached a three-year high of 6.7 mb/d in July, amid higher flows from OPEC member countries and Brazil.

“US crude exports jumped to a record high of 3.7 mb/d based on preliminary weekly data, as the wide Brent/WTI spread stimulated a return of Asian buying.”

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