Asia’s oil imports rise in August on Iraqi crude boost

Shafaq News – Baghdad

Asia’s crude imports rose to 27.18 million barrels per day (bpd) in August, up from 24.91 million in July and 26.39 million in August last year, LSEG Oil Research reported.

The rebound followed a slide in Brent prices to a four-year low of $58.50 a barrel between May and mid-June, which spurred refiners in China and India to buy more Iraqi oil before prices climbed again amid Middle East tensions, including June’s war between Israel and Iran.

Iraq’s role as a price-sensitive supplier enabled Asian buyers to adjust imports with market swings. From January through August, shipments of Iraqi crude to Asia averaged 510,000 bpd, more than during the same period in 2024.

Meanwhile, US liquefied natural gas exports to Asia and Europe increased in August as buyers replenished stocks depleted by the previous winter and faced higher global gas prices.