Recent Jump in Asia’s Oil Imports May Not Mean Stronger Demand

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,…