China's oil imports rebound but gap persists

China's imports of seaborne crude oil rose in August to 7.14 million barrels per day, although they remain about 40% lower than their levels before the U.S.-Iran conflict, when they exceeded 11 million barrels daily prior to the war. Overall, Asia's total imports in August amounted to 22.64 million barrels per day, a slight decrease from July, but 4.29 million barrels less than the average of the three months before the war. China heavily depends on imports from Russia, which increased to 1.68 million barrels per day in August to help bridge supply gaps. It is expected that Russia's exports of petroleum products will continue to rise to cover fuel shortages in the Asian market, amid volatile oil prices that remain significantly higher than pre-conflict levels.

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