Singapore’s crude imports fall to eleven-month low

Oil

Singapore’s crude oil imports declined by 40K b/d m-o-m to 720K b/d in January, the lowest level since February 2021, according to Enterprise Singapore data. Arrivals from the Middle East Gulf fell by 60K b/d m-o-m to 540K b/d after previously reaching a five-month high in December, whereas shipments from Latin America rose by 60K b/d m-o-m to 80K b/d.

Clean oil product exports decreased by 140K b/d m-o-m to 930K b/d, falling to a three-month low after previously reaching the highest level since August 2020 in December. Loadings to southeast Asia fell by 90K b/d m-o-m to 820K b/d. Clean oil product imports also declined by 90K b/d m-o-m to 740K b/d, with arrivals from northeast Asia falling by 40K b/d m-o-m to 340K b/d.