China's crude oil buying stayed sluggish in August, raising doubts over what comes next

China's seaborne imports of crude oil ticked up in August from July but remained nearly 40 per cent below levels before the start of the Iran conflict. China, the world's biggest oil importer, saw seaborne arrivals of 7.14 million barrels per day (bpd) in August, from July's 6.93 million bpd, according to data compiled by commodity analysts Kpler. August's imports were 4.27 million bpd below the average of 11.41 million bpd in the three months leading up to the US and Israeli attack on Iran on February 28. The dramatic reduction in China's seaborne crude oil imports since the start of the conflict means it is shouldering the bulk of the adjustment of lower volumes from the Middle East, with exports dropping amid constrained flows through the Strait of Hormuz. The narrow waterway remains contested between Iran and the United States, and while there is dispute over exactly how much crude oil and refined products are getting through, it is certain that it remains well below the near 20 million bpd before the conflict began. Asia's seaborne crude oil imports were 22.64 million bpd in August, down slightly from 23.40 million bpd in July, but 4.29 million bpd, or 16 per cent, below the average of 26.93 million bpd in the three months to the end of February. The drop in Asia's seaborne oil imports in August is only 20,000 bpd more than the decline in China's arrivals.