CommBank says China oil stockpiles allow 2.5 million-3 million bpd import cut amid Hormuz disruption

• Commonwealth Bank analysis flagged China’s oil stockpiles as a key buffer, enabling sustained crude import cuts of 2.5-3 million bpd.
• Ship-tracking data indicated seaborne imports have at times dropped by 4-5 million bpd as inventories were drawn down.
• EV adoption weakened underlying demand; the IEA estimated EVs displaced over 1.5 million bpd of road fuel in Q2 2026.
• Brent futures stayed below USD 90 a barrel on Aug. 17, despite Middle East tensions and Strait of Hormuz uncertainty.
• Flows through Hormuz may only need to recover to 50%-60% of pre-war levels to shift market fears toward oversupply.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Commonwealth Bank of Australia published the original content used to generate this news brief on August 18, 2026, and is solely responsible for the information contained therein.