• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 3 hours Is the oil & gas industry on the way out?
  • 10 mins COVID is real now
  • 13 hours In a Nutshell...
  • 18 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 13 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 3 hours The Boris Yeltsin of America
  • 3 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 23 hours Why Oil could hit $100
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days The Coal Industry May Never Recover From The Pandemic
  • 3 days A Real Reality Check on "Green Hydrogen"
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Product Demand Growth In Asia Crashes

Oil product demand in Asia will grow by about 380,000 bpd this year, S&P Global Platts Analytics said this week. This is the lowest demand growth rate since 2009, the firm noted, and a sizeable decline from last year’s 780,000 bpd.

As every other economic forecast for the region, the coronavirus outbreak is to blame. It has already slashed crude oil and fuel demand in China, where it started, and now that it has spread across the continent, it is having the same effect on a larger scale.

"Global growth is set to take a hit as China's demand is severely impacted by the outbreak of coronavirus, coupled with much warmer-than-normal winter weather in the Northern Hemisphere," the report said. "As a result many factories in China remain closed or are running below capacity. As factories around the world rely on Chinese products, much lower production and fewer shipments from China have been disrupting global trade and supply chains already. This in turn has been leading to a negative impact on oil demand in other countries.”

The coronavirus struck just as China increased oil product export quotas on the back of expectations for stronger demand for fuels at the end of last year. The first batch of quotas was 53 percent higher than a year earlier, at 28 million tons, and came at the end of a year during which refiners—state and private alike—processed crude at record rates of close to 13 million bpd.

Now, in the third month of the outbreak, refiners have slashed run rates to the lowest in six years, at some 10 million bpd, and the duration of the cuts yet unclear. Meanwhile, subdued fuel demand at home led to higher oil product exports, Reuters reported earlier this week. Even with this increase, the oil product surplus for the first quarter could reach 27 million tons, according to CNPC.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News