ASIA TO REMAIN A GROWING SINK FOR THE CRUDE MARKET

FGE’s Grayson Lim reports on the trends in Asia’s crude markets The rapid economic development in Asia has resulted in strong oil demand growth in recent decades. In tandem with this, close to 13.3 million bpd of refining capacity was added during 2010-2020. Despite the current subdued state of refining business largely due to the COVID-19 crisis, around 3.1 million bpd of refining capacity is expected to come on stream in Asia by 2025. Most of these projects started construction before the onset of the pandemic. China has been leading the refining capacity growth in Asia and will continue doing […]