China’s Crude Buying Rebounds as Fuel Exports Jump 29%

China's crude oil imports rebounded in August as refiners sought alternative non-Middle Eastern sources and increased overseas fuel shipments following eased export restrictions, according to official customs data. The country imported 37.93 million tons, or 8.93 million barrels per day of crude oil in August, marking a 6.2% increase compared to July, and a significant recovery from the decade-low seen in June.

While still 23.4% lower than August 2025 levels, China's imports represent a marked improvement over June's record low of 7.1 million bpd. The reduction in total crude imports was a result of China amassing a significant stockpile of 1.4 billion barrels before the war, allowing it to slash imports by an estimated 4.4 million bpd compared to the 2025 average.

However, the trend reversed in July and August as flows from the Middle East increased, Chinese refiners boosted purchases of Russian ESPO grade crude, and they sought previously exotic supply destinations like Argentina. Eased export restrictions from China also played a major role, prompting refiners to restock and capitalize on refining margins amid a global fuel supply crunch, particularly for diesel.

Fuel exports from China surged 29% in August to 6 million tons, surpassing the 5.33 million tons exported in August 2025. Analyst Emma Li of Vortexa noted that the month-on-month increase in crude imports aligns with the surge in fuel exports, and this pattern is expected to continue into September.