Key facts
- China's crude oil imports hit a decade low in June.
- China's crude oil inventories are estimated at 1.2 billion barrels.
- September crude oil draws were estimated at 530,000 bpd.
- October crude imports are expected to rebound to over 10 million bpd.
China has significantly reduced its crude oil imports for much of this year, relying instead on its substantial inventories to manage supply amid high prices and Middle East disruptions. This strategy has acted as a key buffer for global oil prices. While imports were slashed to a decade low in June, they are expected to rebound in October as prices moderated. However, sustained high prices and ongoing supply concerns could lead to further inventory draws later in the year. Analysts have revised down fourth-quarter import expectations due to these factors.