China and Indonesia offset lower Indian demand

摘要

West African crude loadings to Asia-Pacifc will rise marginally next month, despite lower Indian demand. Asia-Pacifc buyers will take 1.75mn b/d in January, with China accounting for 1.07mn b/d, up by 40,000 b/d (see graph, below). Sinopec trading arm Unipec bought 675,000 b/d, up by nearly 100,000 b/d on December. Refners are buying to meet frming demand before the new year holidays in February, and as they increase runs to rebuild depleted diesel stocks. And buying contin- ues to fll the country’s strategic storage tanks.