Asia's Crude Imports Recover as Refined Fuel Supplies Remain Tight

Asia's crude oil imports are recovering after a decline caused by the Iran conflict, but refined fuel supplies remain tight. According to data from Kpler, Asia is expected to import around 22.18 million barrels per day (bpd) of crude in June, up from May's 20.35 million bpd.

This figure is still below the pre-conflict average of 26.76 million bpd but significantly higher than April's low of 18.77 million bpd. The reopening of the Strait of Hormuz, which carries around 20% of global crude and refined products, will likely allow more oil to reach Asia in July.

China, the world's largest crude importer, is limiting its imports, with Kpler tracking only 5.76 million bpd of seaborne arrivals so far in June. This confirms China dramatically cut back on crude imports due to higher prices caused by the Iran war.