Asia oil imports hit post-conflict high but remain 13% below normal levels

Asia is projected to import 23.96 million barrels per day (bpd) of crude oil in September, the highest volume since the onset of the US-Iran conflict, according to Kpler data released on Thursday, 24 September. The figure marks an increase from August’s 23.38 million bpd, signaling a gradual recovery as regional refiners adapt to supply chain volatility. Despite the month-on-month growth, total imports remain 13% below pre-war levels. The rebound follows a period of extreme scarcity in April and May, when shipments through the Strait of Hormuz plunged to decade-lows. While Saudi Arabia has recently accelerated tanker operations—loading up to 12 million barrels in a single day for ship-to-ship transfers off Oman—Gulf exports have yet to reach their early 2026 benchmarks. China leads regional demand recovery China, the world’s largest crude importer, recorded 8.93 million bpd in August, a 6.2% increase from July, based on Chinese customs data. This represented a second consecutive monthly gain after volumes hit a 10-year low in June. However, current Chinese imports are still approximately 2 million bpd lower than the levels recorded in February, before geopolitical escalations disrupted regional flows. High market prices continue to pressure refiner margins and inventory builds. On Thursday, 24 September, Brent crude traded at $102.8 per barrel at 9:22 AM Tokyo time, while WTI stood at $92.02 and Murban crude rose 4.06% to $113.1. Goldman Sachs forecasts that China’s crude…