Saudi Arabia has traditionally accounted for most of the crude imports by Asia, the world's biggest oil-consuming region. But recently OPEC's top producer has lost ground in a number of major markets including Russia and China, and faces a further threat from Iran, which is ramping up exports after the removal of Western sanctions.

Customs data showed on Monday that diesel exports rose 181.8 percent to a record 1.53 million tonnes, almost tripling China's average monthly export volume in 2015.

Five Asian countries (Japan, South Korea, China, India, and Taiwan) accounted for 68% of global LNG imports in 2015. In the first six months of 2016, in total, these five countries only increased their LNG import volumes by 1% (0.2 billion cubic feet per day (Bcf/d)), compared to the same period last year. However, higher imports in China and India more than offset declines in LNG consumption in the established markets of Japan and South Korea.

“In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”

"Growth in China's fuel exports will be strong throughout the third quarter," a Beijing-based trader said. "Refiners are starting to tighten crude runs as well as increase exports to balance the surplus in the domestic market."

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements have been signed between the two countries so far. Azerbaijan Export and Investment Promotion Foundation has recently opened a representative office in China to support and encourage relations between the two countries' businessmen, as well as expand Azerbaijan's exports to the Chinese market and attract China's leading investment funds to the Azerbaijan economy.

Energy giant is set to begin selling its offshore-China assets this month, the latest in a series of divestments in Asia. The company is looking to raise up to $10 billion globally from asset sales, a big chunk of which will come from its Asian upstream operations, as part of a broader effort to cut costs and adapt to an environment of lower oil prices.

The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out, so the clock is ticking for it to develop offshore fields that China shows no sign of loosening its grip on.

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

The Association of Southeast Asian Nations’ 10 fast-growing members, with a combined $2.6 trillion economy, dire energy needs and rising military budgets, are a prime market for Russia’s top exports: hydrocarbons, energy technology and weapons.