Key facts
- China's crude oil imports are projected to be around 7.2 million barrels per day in September.
- September import volumes are expected to be similar to August's levels.
- Chinese refiners restocked crude supplies when prices were in the $80s per barrel.
- August imports reached 37.93 million tons, or 8.93 million bpd.
- June imports hit a decade low of 7.1 million bpd.
China's crude oil imports are expected to hold steady at approximately 7.2 million barrels per day in September, continuing a trend of recovering shipments. This comes as global crude oil prices have surged back above $100 per barrel. Preliminary data from Kpler indicates that September import volumes will be similar to August's figures. Chinese refiners have been actively restocking crude supplies in recent weeks, having purchased cargoes when prices were below $100 per barrel, specifically in the $80s. This gradual increase in Chinese purchases, following a decade-low in June, is likely to exert further upward pressure on global crude prices. In August, China's crude oil imports rose for the second consecutive month, reaching 37.93 million tons, or 8.93 million barrels per day, a 6.2% increase from July. While this level was still 23.4% lower than the same month last year, it marked a significant improvement from the June low of 7.1 million bpd. China had previously reduced its imports to a decade low in June due to high prices and constrained supply from the Middle East, having built up substantial reserves prior to the conflict in Ukraine. Imports began to rebound in July, with increased flows from the Middle East and a rise in Russian ESPO grade buying, alongside purchases from less common sources like Argentina.