Asia’s crude oil imports experienced a notable increase in June 2025, recovering from a slow start at the beginning of the year. In the first half of 2025, the region’s imports averaged 27.36 million barrels per day (bpd), representing a rise of 620,000 bpd compared to the same period in 2024, as reported by LSEG Oil Research. The surge in June was particularly significant, with imports climbing to 28.65 million bpd, marking the highest level since January 2023.
China, as the world’s largest crude importer, played a substantial role in this increase, with estimated arrivals reaching 11.96 million bpd in June. This was the highest since March 2025. Similarly, India, the second-largest buyer in Asia, is expected to report June imports of 5.26 million bpd, near its March levels.
However, there are questions regarding whether the strength of June’s import figures indicates a sustained demand increase or if it was influenced by temporary factors, particularly price fluctuations. Both China and India tend to adjust their import levels based on oil prices, boosting purchases when prices are low. June’s cargoes would have been arranged weeks earlier, during a period of declining prices.
From early April’s high of $75.47 per barrel, Brent futures fell to a four-year low before rebounding to $70.40 by mid-June. Following military actions in the region, prices spiked to a five-month high but later corrected after a ceasefire. As a result of rising prices, Asian refiners may face challenges in July and August, potentially leading to decreased imports.
Current data suggests demand for crude and refined products in Asia remains sluggish, with only modest increases in refinery processing in China and flat fuel consumption in India. Consequently, heightened oil prices and geopolitical tensions are likely to dampen demand for crude imports in the coming months.