Singapore set to be world's eighth-largest fuel importer in ten years: report

The republic will overtake Spain.

Singapore will be the world's eighth-largest importer of fuel by 2024, according to a report by BMI Research.

The republic imported 1.2m barrels of fuel per day in 2014, and this is forecasted to grow to 1.24m barrels per day in 2024.

Singapore is currently the world's ninth-largest fuel importer. By 2024, the city-state will overtake Spain, which is currently the world's eighth-largest importer.

“The largest importers in Asia - China, South Korea, Japan, India and Singapore - will see crude imports grow by an average of 13.6% over the 10-year forecast period. This contrasts to an average 12.9% decline among the largest importers in Europe - Germany, Italy, Spain and France. France records the deepest decline at 33.4%, ceding tenth position to the Netherlands in 2019,” said the report.