12 May 2020 | 07:30 UTC — Singapore
Infographic: Asian fuel suppliers desperate to get rid of excess supplies
India, South Korea and China have been accumulating unwanted gasoline, diesel and jet fuel inventories as consumer demand falters following the coronavirus outbreak.
The major fuel exporters are actively seeking overseas outlets to clear their excess supplies, but may struggle to export in the second quarter as the number of willing buyers in the international market continues to dwindle.
Asia's oil demand could drop by at least 3 million b/d year on year in the first half of 2020, according to S&P Global Platts Analytics.
Reflecting the double whammy of tepid consumer demand and excess supplies hitting the regional spot market, the Asian oil product market structure has fallen deep into contango.
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