Has Asia Lost Interest In North Sea Oil?

In a year that has been destructive for the global oil and gas industry, there are now worrying signs that North Sea producers may be losing custom from one of their key export hubs. Asian customers have brought their North Sea crude imports in October 2020 to an almost 5-year low, with a mere 1.5 million barrels arriving throughout the entire month. Whether this is a pandemic-driven blip in demand or a long-term trend remains to be seen. Some 5 years ago, China was barely buying any cargoes from the North Sea, only the occasional Forties cargo…