{
  "id": 8253589,
  "title": "China’s crude imports are rising again. What will that mean for oil prices?",
  "url": "https://urgent.news/2026/09/18/chinas-crude-imports-are-rising-again-what-will-that-mean-for-oil",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T13:30:04.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/economy/china-economy/article/3368047/chinas-crude-imports-are-rising-again-what-will-mean-oil-prices"
  },
  "original_language": "en",
  "account": "China's crude oil imports have begun to rise again, posing a potential challenge to current global oil prices. After a period of muted buying amid the US-Israel conflict with Iran, the increase could erode a buffer that has helped keep prices stable. However, analysts do not anticipate China to return to its pre-war import levels anytime soon, as high crude prices could strain Chinese refineries and the country's existing reserves. Signs of a recovery in Chinese demand emerged in August when imports rose by 6.2% month-over-month to 37.9 million tonnes, the highest level seen in four months. This trend continued in September, with imports reaching 7.84 million barrels per day (bpd), up from 7.25 million bpd the previous month. The increase is attributed to rising tensions in the Middle East and Ukraine, which have disrupted global oil supplies. Chinese purchases from Iraq surged from 177,000 bpd in August to over 1 million bpd this month, while Iran and Saudi Arabia purchases are expected to decline. Ivan Ryabov, head of oil trading analytics at Kpler, explained that the recent rebound in Chinese demand coincided with increased uncertainty about Middle Eastern and Russian crude supplies, creating upward pressure on prices. As China's crude inventories continue to decline, the country's ability to maintain its \"China buffer\" that has kept oil prices in check is weakening. However, analysts believe that Chinese buyers are unlikely to return to the market aggressively, given the high crude prices and the country's ample inventories that can cover over 80 days of demand.",
  "summary": "China is showing early signs of stepping up imports of crude oil after months of subdued buying amid the US-Israel war on Iran, threatening to erode a buffer that has helped prevent a larger surge in global oil prices. But analysts do not expect China to quickly return to its pre-war import levels, as elevated crude prices could squeeze margins for Chinese refineries and the country’s stockpiles…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}