Key facts
- China imported 37.93 million tons (8.93 million bpd) of crude oil in August.
- August crude imports were up 6.2% from July but down 23.4% year-over-year.
- China's refined oil product exports increased by 29% from July to 6 million tons in August.
- Refiners boosted Russian ESPO grade buying and sought supply from Argentina.
- The rebound in crude imports aligns with increased fuel exports and strong September export forecasts.
China's crude oil imports saw a significant rebound in August, increasing by 6.2% from July to 8.93 million barrels per day. This rise marks the second consecutive monthly increase and a recovery from the decade-low seen in June. The surge in imports is attributed to refiners seeking additional supply from non-Middle Eastern sources, including increased purchases of Russian ESPO grade crude and new destinations like Argentina. A key driver for this restocking was China's eased restrictions on fuel exports, which allowed refiners to capitalize on global fuel supply shortages, particularly for diesel, and capture favorable refining margins. Official customs data revealed that Chinese refined oil product exports jumped by 29% from July to 6 million tons in August, surpassing the 5.33 million tons exported in August 2025. While August imports were still 23.4% lower compared to the same month last year, the trend indicates a marked improvement from the June lows. Analysts note that the increase in crude imports aligns with the surge in fuel exports and continued strong export performance expected in September.