Asia’s oil imports rebound — but still 13% below pre-war levels

Asia is projected to import its highest volume of crude oil since the onset of the US-Iran war, surpassing August's 23.38 million barrels per day (bpd) and reaching a monthly peak in September, according to Kpler data cited by Reuters commodities columnist Clyde Russell. However, this volume remains 13% below pre-war levels. Asian refiners are adapting to the supply crunch caused by disruptions in Middle East supplies, particularly through the Strait of Hormuz.

Despite some recovery, oil shipments through the strait are still weak and have not returned to pre-war levels. China, the world's largest crude importer, has increased purchases to 8.93 million bpd in August, a 6.2% rise from the previous month but still 2 million bpd below pre-war levels. High oil prices may further hinder the pace of China's recovery.