China crude imports reach seven-month high as Middle East disruption reshapes flows

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Darina Pashchenko

4 hours ago

China crude imports reach seven-month high as Middle East disruption reshapes flows — China crude imports surge

China's crude oil buying strengthens in October as supply disruption linked to the U.S.-Israeli war on Iran alters trade flows across the Middle East. The world's largest oil importer still records a year-on-year decline in volumes, while oil product exports fall sharply from September and natural gas imports edge higher.

Highlights

China's crude oil imports surged to 41.94 million metric tons (9.88 million barrels per day) in October, up 9.4% month-over-month, the highest since March.
Oil product imports climbed to 3.15 million tons in October from 1.85 million in September, while exports fell to 5.18 million tons from 7.16 million.
For January to October, refined oil product exports reached 46.59 million tons (down 2%) and oil product imports fell to 27.15 million tons (from 34.19 million), highlighting weaker cumulative demand.

October import volumes and trade data

As reported by Reuters, citing the General Administration of Customs, China imports 41.94 million metric tons of crude oil in October, or 9.88 million barrels per day, the highest monthly level since March. The daily import rate rises 9.4% from September, even as total crude imports are down 13.3% from a year earlier.

The increase comes as the U.S.-Israeli war on Iran disrupts supplies from the Middle East, affecting purchasing patterns for Chinese buyers. The customs data also show that oil product imports rise to 3.15 million tons in October from 1.85 million tons in September.

China's oil product exports, including gasoline, diesel, jet fuel and fuel oil, fall to 5.18 million tons in October from 7.16 million tons in September. Compared with a year earlier, however, those exports are up 14.6%.

Energy trade trends and market impact

Across the first 10 months of the year, refined oil product exports total 46.59 million tons, down 2% from the same period a year earlier. Over the same January-to-October period, oil product imports fall to 27.15 million tons from 34.19 million tons a year earlier, pointing to weaker cumulative inbound volumes despite the October rebound.

Natural gas imports, including liquefied natural gas and pipeline gas, rise 2.4% from a year earlier to 10.01 million tons in October. For the first 10 months of the year, natural gas imports total 99.22 million metric tons, down 2.8% from a year earlier, indicating a mixed picture across China's broader energy import portfolio.

Earlier, we reported that the WTO forecast Middle East exports to fall 17% in 2024 due to war-related disruptions.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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