Asia's oil demand may finally be on a sustained upward trend after a long period of uneven growth, with consumption in China and India looking increasingly resilient, but how OPEC+ members plan their supply response will be crucial in supporting this recovery.
According to Platts Analytics, Asian oil demand is projected to rise by 1.7 million b/d in 2022 and reach 103% of pre-pandemic levels, up from the 1.2 million b/d growth seen in 2021, although the full impact of the omicron variant of the coronavirus is still being assessed. Growth will be driven by middle distillate demand, which is expected to rise by 1.0 million b/d in 2022.
"Apart from China with zero-COVID policy, most countries in the region are moving toward re-opening of economies despite seeing a rise in omicron cases. Any lockdowns are likely to be localized and more targeted, with less impact on oil demand than in the past," said Lim Jit Yang, advisor for Asia-Pacific oil markets at Platts Analytics.
Affirming a 400,000 b/d output increase for February on Jan. 4, the OPEC+ alliance signaled continued confidence that the omicron variant will have a smaller impact on global oil demand than previously assumed. Crude prices have so far proved resilient, hovering above $80/b.
India's crude imports in November reversed a declining trend to hit its highest level in 10 months as refiners built inventories in anticipation of higher runs. The country imported 18.37 million mt, or 4.5 million b/d, of crude in November, up 7.5% month on month, the latest provisional data from the country's Petroleum Planning and Analysis Cell showed.
"China and India will resume their front-line status as the engines of growth in 2022, but Southeast Asia will also contribute substantially, especially in countries with high vaccination rates," Platts Analytics said.
Gurugram, India – October 11, 2023: Samsung announced exciting offers
Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G
Bengaluru, October 10, 2023 IN-SPACe (Indian National Space Promotion and
New Delhi, October 3, India- Philips India announces an exciting co
 (1)_1713611592.jpg)
Through this exciting initiative, the brand aims to emerge as the go-to purveyor of authentic Chinese in India
New D
Jaipur, 18 April: Students of Jaipur have recently shown their remarkable achievement in the UPSC Civil Services Examination-
· Technopark-based Lifology holds conversation on IER 2024
Thiru
Business / 20-04-2024
MasterChow taps renowned Chef Ranveer Brar as its Brand Ambassador to champion Asli ChineseSports / 20-04-2024
Aditya Mehta Foundation's para cyclists Jyoti Gaderiya & Arshad Shaik achieve top world rankings in the latest Track Para Rankings, bringing pride to India!Business / 18-04-2024
STUDENTS OF JAIPUR'S JAYSHREE PERIWAL HIGH SCHOOL BRING LAURELS TO SCHOOL IN UPSCBusiness / 18-04-2024
India Employment Report pitches for policy to promote jobsBusiness / 18-04-2024
The EMAK Festoon Silent Heroes Awards-24 Concludes at Le Méridien, KochiPelikken © Copyright 2022, All Rights Reserved
