Oil industry is losing the burn of Asian demand

Tokyo

AFTER half a year of strong oil price rises, Asian crude demand is slowing and by some measures falling, and many market participants suspect that it is not just a cyclical phenomenon, but also a product of more permanent structural changes.

With years of annual economic growth of 7-10 per cent in China and similar recent figures from India, the Asia-Pacific has overtaken the Americas to become the world's biggest oil consuming region, accounting for almost 40 per cent of global demand.

But an industry that has come to rely on Asia's booming thirst for oil could soon be scratching around for growth.

Thomson Reuters Eikon data shows that Asian crude oil tanker imports have fallen, albeit from record levels, for four straight months and by 12 per cent since March t…