Asia's Oil Imports Set for Highest Level Since February

Asia's oil imports are expected to reach their highest level since February in September, according to analytics firm Kpler cited by Reuters columnist Clyde Russell. The region is forecast to import 23.96 million barrels of crude oil per day in September, exceeding August's volume but still about 13% below pre-war levels.

Purchases by Asian oil refineries have begun to recover after a ten-year low recorded in April and May due to reduced oil flows through the Strait of Hormuz. However, volumes leaving the Strait have not yet returned to pre-war levels, and Asian countries are receiving less Middle Eastern oil than at the beginning of the year.

China's imports remain below February levels, with 8.93 million barrels per day in August, a 6.2% increase from July but still about 2 million barrels per day below pre-war volumes. Goldman Sachs analysts believe that if Brent remains near $100 per barrel, China may only increase imports by about 600,000 barrels per day in the fourth quarter compared to the third quarter.