But the shock of Trump's tariffs also masked some underlying weakness in the demand that was already in place, namely soft imports in the first quarter in Asia, the world's biggest crude purchasing region.

Asia imported 26.44 million barrels per day (bpd) of crude in the first quarter, down 640 000 bpd from the 27.08 million bpd for the same period in 2024, according to data compiled by London Stock Exchange Group (LSEG) Oil Research.

The decline in imports contrasts with forecasts made by groups such as the Organisation of the Petroleum Exporting Countries and the International Energy Agency that Asia will lead global oil demand growth in 2025.

If there is a slight silver lining in Asia's weak first-quarter imports, it's that they did show signs of recovery in March.

The region imported 27.39 million bpd in March, up from 25.44 million bpd in February and roughly in line with the 27.33 million bpd from March last year, according to LSEG.

--Reuters--