Asian Crude Imports Set to Surpass Pre-War Levels

Asia's crude oil imports are poised to reach their highest level since February, according to data from Kpler referenced by Clyde Russell. In September, Asia is projected to take in 23.96 million barrels per day (BPD), surpassing the August total of 23.38 million BPD and representing a peak not seen since before the Iran conflict erupted.

Refiners across Asia have been purchasing more crude oil in recent months after hitting decade-lows in April and May, when buyers rushed to secure replacement supplies as flows through the Strait of Hormuz became severely restricted.

China has clawed back a portion of its crude oil imports but still trails pre-war marks. In August, China brought in 8.93 million BPD, a 6.2 percent increase over July and a rebound from the decade-low recorded in June, according to official Chinese customs data.