Asia Is On An Oil Buying Spree

Asia Is On An Oil Buying Spree

The strong economic recovery throughout much of Asia is driving high demand for crude oil, and demand is expected to remain robust going forward, provided economic activity continues to rebound.

Refiners in China are increasing imports of crude oil as they look to meet growing domestic demand, driven by increased activity in their industrial and transport sectors. China reported GDP growth of 2.3% in 2020, with fourth-quarter GDP coming in at 6.5%, after it succeeded in getting COVID-19 cases under control early in the year, enabling it to lift lockdown restrictions and allow economic activity to resume.