Asia is by far the most important oil export market for Opec and the dependency is increasing. Opec exports to the region have increased both in terms of volume and as a percentage of overall exports over the past five years, and preliminary import data shows that this has continued into 2016.

However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil...