Refiners across the continent have steadily increased purchases in recent months, climbing from the decade-lows recorded in April and May when the closure of the Strait of Hormuz forced an urgent scramble for alternative energy sources. Although outflow volumes from the Strait have improved, they have yet to reach the consistent levels seen at the start of the year.
Asian Crude Imports Climb to Seven-Month High
Asia is set to import 23.96 million barrels of crude oil per day this September, marking the highest volume since the outbreak of conflict in Iran crippled regional supply chains in February. While this uptick signals a recovery from spring lows, total arrivals still remain 13% below pre-war benchmarks.
China, the world’s largest oil buyer, exemplifies this fragile recovery. While August customs data shows an import increase to 8.93 million barrels per day—a 6.2% rise over July—the figure remains roughly 2 million barrels per day below February levels. Goldman Sachs analysts warn that with Brent crude hovering around $100 per barrel, significant expansion in Chinese demand remains unlikely. The firm projects only a modest increase of 600,000 barrels per day for the fourth quarter, suggesting that high prices will continue to act as a ceiling on regional consumption.
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