Asia Crude Imports Surge to Highest Level Since Iran War Began

Asia is set to import its highest volumes of crude oil since February, just before the Iran war began. According to data compiled by Kpler and cited by Reuters' Asia Commodities and Energy Columnist Clyde Russell, the region will import 23.96 million barrels per day (bpd) in September.

This is higher than the 23.38 million bpd imported in August and marks a rebound from the 10-year lows seen in April and May. However, Asian crude oil imports still lag behind pre-war levels by around 13%, Russell estimates.

China, the world's biggest crude oil buyer, has recovered some of its imports but remains lower than in February. The country imported 8.93 million bpd of crude oil in August, up 6.2% from July and recovering from a decade-low seen in June.

If current high prices persist, it is unlikely that China would increase imports significantly in the fourth quarter, according to Goldman Sachs analysts. They predict that Chinese crude oil imports will rise by only around 600,000 bpd in the fourth quarter compared to the third quarter.