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…