Asia’s oil imports rebound — but still 13% below pre-war levels

Asia is on track to import its highest volume of crude oil since the start of the US-Iran war, even as disruptions around the Strait of Hormuz continue to constrain Middle East supplies.

Asian countries are expected to import 23.96 million barrels per day (bpd) of crude in September, according to Kpler data cited by Reuters commodities columnist Clyde Russell. 

That would exceed August's 23.38 million bpd and mark the highest monthly volume since February, before the conflict erupted.

The recovery offers evidence that Asian refiners have gradually adapted to the supply shock that followed the war and the disruption of crude flows through the Strait of Hormuz.

The numbers remain well below normal.

September imports are estimated to be about 13% below pre-war levels, according to Reuters calculations citing Kpler data. 

Purchases had plunged to decade-lows in April and May as refiners scrambled to secure alternative supplies after shipments through Hormuz were severely disrupted.

Oil shipments through the strategic waterway have increased from the lows recorded in April and May.

On Wednesday, Reuters reported that Saudi Arabia has ramped up crude oil tanker runs, loading up to 12 million barrels in one day and moving it through the strait for ship-to-ship transfers off Oman.

Gulf oil exports have not, however, returned to levels seen before the war.

That matters particularly for Asia because the region is heavily dependent on Middle Eastern crude.

The Strait of Hormuz normally carries a substantial share of globally traded oil, connecting producers in the Persian Gulf with major consumers in Asia.

With the conflict continuing, Asian refiners have increasingly turned to alternative suppliers and adjusted their purchasing patterns.

The result is a partial recovery rather than a return to business as usual.

China illustrates the problem, industry tracker OilPrice reported. The world's largest crude importer increased purchases to 8.93 million bpd in August, up 6.2% from July, according to Chinese customs data. 

The increase marked a second consecutive monthly gain and a recovery from the decade-low recorded in June.

But August imports were still about 2 million bpd below February's level, before the conflict severely disrupted regional oil flows.

High prices could also limit the pace of China's recovery.

Though Brent crude slid 0.23% to $102.8/barrel on Thursday (Sept. 24, 2026, at around 9.22am Tokyo), the price point still makes it more expensive for refiners to build inventories. WTI was down 0.15% to $92.02/barrel. Murban was up 4.06% to $113.1. 

Goldman Sachs expects China's crude imports to increase by only about 600,000 bpd in the fourth quarter compared with the third quarter.