Asian oil imports are set to climb to a 10-month high in March on strong Chinese demand.
Rising crude imports from Russia in Asia’s top importers, China and India, are estimated to push total Asian oil imports to a 10-month high in March, per data from LSEG Oil Research reported by Reuters columnist Clyde Russell. This month, higher arrivals of Russian crude to the top-importing markets in Asia are set to boost Asian crude imports to 27.48 million barrels per day bpd, which would be the highest level in 10 months. The estimated import volumes in March would be higher than Asia’s 26.
Early on Thursday, Brent Crude traded at above $87 per barrel as prices were set to book a strong quarterly gain in the first quarter. WTI prices have increased by 14% since the start of the year, topping $82 per barrel earlier this week. Brent Crude has gone from around $78 per barrel at the start of the year to over $87 per barrel this week.
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