Oil Giants Play It Cool As World’s Largest Crude Market Recovers

The Asian market has moved into a state of cautious expectation. Although October is still only halfway through, one can state with a great degree of certainty that this month’s aggregate crude imports are going to be some 5-6 million tons lower than September 2020 (when the entire continent imported 98 million tons). The tapering of demand is not restricted to specific regions, every single major crude importer - be it China, Japan or India - seems to be opting for lower refinery rates and less purchases. Although it might sound frightening,…