Business · Energy & Commodities · 3 hrs ago
China’s Oil Imports Rebound, Reducing Need to Draw on Crude Stocks
China, the world’s largest crude oil importer, is expected to bring in more oil in October than at any time since March.
It had cut imports after the Iran war pushed prices above $100 a barrel, using its large crude stockpiles to cover supply needs.
China’s lower buying also helped offset lost Middle Eastern oil supplies and kept pressure on global prices in check.
Imports are likely to exceed 10 million barrels a day, while analysts estimate China still holds at least 1.2 billion barrels in commercial and strategic reserves.
More imports could reduce the need to draw on stocks, which have been used in most months this year.
The October cargoes were likely bought when Brent crude was around $80 a barrel in August, and China’s buying decisions can shift with prices.
China’s crude oil imports are expected to rebound above 10 million barrels per day in October, reducing its need to draw on inventories.
That would be the highest monthly import level since March, according to data from Kpler cited by Reuters columnist Clyde Russell.
China had drawn on its crude stocks in most months after March as it cut imports amid high prices and constrained Middle East supply.
Oil prices were about $80 per barrel in August, when cargoes for October delivery would have been purchased.
China is estimated to hold at least 1.2 billion barrels of crude in commercial and strategic inventories.
- Who
- China, the world’s biggest crude oil importer.
- What
- Its crude imports are likely to rebound above 10 million barrels per day in October, reducing the need to draw on stocks.
- When
- October 2026, according to the article published on October 22, 2026.
- Where
- China.
- Why
- Oil prices were about $80 per barrel in August, when October cargoes would have been purchased. The article says that price encouraged higher Chinese buying.
This story does not have two clearly opposing sides.
China drew on crude inventories in most months as it cut imports amid high prices.
About 4 million barrels per day of crude did not have to reach Chinese refineries, according to the article.
China’s crude oil imports fell to a decade low.
China likely added about 200,000 barrels per day to its crude reserves.
China drew on crude inventories, with September’s draw estimated at about 530,000 barrels per day.
Chinese crude imports are likely to rebound above 10 million barrels per day.
- Estimated crude inventories
- At least 1.2 billion barrels
- October import forecast
- Above 10 million barrels per day
- Highest import level since
- March
- Estimated September stock draw
- About 530,000 barrels per day
- August Brent price
- About $80 per barrel