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

China's crude oil imports surged in August, marking a rebound from the decade-low levels seen in June, according to official Chinese customs data. The country imported 37.93 million tons of crude oil, or 8.93 million barrels per day, a 6.2% increase compared to July. While still 23.4% lower than the same month last year, this represents a significant improvement over the June lows of just 7.1 million barrels per day.

The rebound in imports follows a three-month period of very low import levels, driven by high prices and constrained supply from the Middle East. China had amassed approximately 1.4 billion barrels of crude prior to the war, allowing it to sharply reduce imports in June, cutting volumes by an estimated 4.4 million barrels per day compared to the 2025 average.

The trend in imports continued into August, as Middle East flows increased and Chinese refiners turned to non-Middle Eastern supply sources, including Russia and Argentina. A key factor in the rise in imports was the easing of fuel export restrictions, which encouraged Chinese refiners to restock and capture refining margins amid a global fuel supply crunch, particularly for diesel.

Chinese refined oil exports grew by 29% in August, reaching 6 million tons and surpassing the 5.33 million tons exported during the same month in 2025. This pattern of higher crude imports and stronger fuel exports in recent weeks aligns with ongoing efforts to address global fuel supply constraints.