Jan 15 (Reuters) - Asian oil demand growth was set to accelerate in 2010 after India's imports from West Africa and the Mediterranean hit record highs and Chinese demand for crude hit an all time high in December.
Chinese crude oil imports averaged more than 5 million barrels per day for a month for the first time in December, according to China's customs office.
The glut of fuel could be set to increase trade sources have told Reuters that China has lined up more crude from Kuwait, Saudi Arabia and Iraq this year. [ID:nTOE60900W]
China has agreed to raise 2010 crude imports from Kuwait by 50 percent to about 240,000 barrels per day, trade sources told Reuters, with Chinese refiners set to to process at record rates as demand rebounds strongly.
Total Asian demand for West African crude oil hit a record high at the beginning of 2010, according to Reuters data. Asian was set to import 1.9 million barrels per day (bpd) in January from countries like Nigeria and Angola. The average in 2008 was only 1.4 million bpd
Indian state-run oil companies were buying record amounts of oil from outside Asia via tenders. The country's second-largest state-run refiner is set to import a total of 7 million barrels, or 250,000 barrels per day (bpd) in February loading, an all time high.
Chinese state oil firms have agreed to raise 2010 crude imports from Saudi Arabia by about 12 percent from this year to top one million barrels a day, traders said, as demand in the world's No.2 oil user is poised to recover more.
Foreign oil companies were looking to cement their position in growing Asian markets as French oil major Total (TOTF.PA: Quote, Profile, Research), which has the largest refining capacity in Europe, looks to buy oil refining assets in China.
China's top refiners are planning to run at record rates in 2010. Twelve major refineries that account for more than a third of China's capacity, most of them on the eastern and southern coasts, plan to process 2.88 million barrels per day (bpd) of crude oil in January, a Reuters poll showed.
The International Energy Agency has said Chinese oil demand will rise by 3.5 percent every year until 2030, and that it will take over the United States to become the world's largest oil and gas consumer by 2025.
Source : REUTERS