Asian Oil Imports Rebound But Still Lag Pre-War Levels

Asia's oil imports are slowly recovering from the disruptions caused by the US-Iran conflict. According to Kpler data cited by Reuters, Asian countries are expected to import 23.96 million barrels per day (bpd) of crude in September, marking a significant increase from August's 23.38 million bpd.

This would be the highest monthly volume since February, before the conflict erupted. However, imports remain about 13% below pre-war levels, highlighting the continued impact of supply disruptions through the Strait of Hormuz.

Asian refiners have adapted to the supply shock by turning to alternative suppliers and adjusting their purchasing patterns. China's crude imports are a prime example of this shift. In August, the country increased purchases to 8.93 million bpd, up 6.2% from July, according to Chinese customs data.

Despite this partial recovery, imports are still below pre-war levels. Goldman Sachs predicts that China's crude imports will only increase by about 600,000 bpd in the fourth quarter compared with the third quarter.