China's crude oil imports recover, fuel exports not so much
USO•China's crude imports rose 9.4% in October to 9.88 million barrels per day, their highest since March, while refined fuel exports fell to 5.18 million metric tons from 7.16 million in September.
1. Crude imports rebound
China imported 9.88 million barrels per day of crude in October, up from 9.03 million in September and the highest level since March. Arrivals from the Middle East reached 4.65 million barrels per day, matching March's level, but total imports were still down 13.3% from October 2025 and 15.1% for the first 10 months of the year.
2. Fuel exports fall
Refined fuel exports fell to 5.18 million metric tons in October from 7.16 million in September. Diesel shipments dropped to 318,000 barrels per day from 500,000 in September; 62,000 barrels per day had been tracked for November so far, a figure expected to rise as more cargoes are assessed.
3. Refining capacity and margins
China's refiners are operating below 80% of capacity, but overseas sales require export quotas. The Singapore profit margin on a barrel of gasoil ended Monday at $60.46, about three times its $20.91 level on the day before the Iran war began.
