Asia’s crude oil imports surged in June to the highest level in two and a half years, but the rise isn’t necessarily attributable to strengthening oil demand after a soft start to the year. Cargoes arriving in Asia in June were likely contracted six to eight weeks prior—in April, when oil prices crashed amid the OPEC+ production hikes plan and the U.S. tariff blitz. Asia’s high crude imports in June helped first-half imports rise by 620,000 barrels per day (bpd) from the first half of 2024,…
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