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, while refined fuel exports fell to 5.18 million metric tons from 7.16 million in September. October crude imports remained 13.3% below the same month in 2025.
1. Crude imports rebound
China's crude oil imports reached 9.88 million barrels per day in October, up from 9.03 million in September and the highest since March. Imports from the Middle East returned to 4.65 million barrels per day, matching March levels, while total imports remained 13.3% lower than in October 2025.
2. Fuel exports fall
Refined fuel exports declined to 5.18 million metric tons in October from 7.16 million in September. Diesel shipments fell to 318,000 barrels per day from 500,000 in September; 62,000 barrels per day had been tracked for November at the time of the column, a figure expected to rise as more cargoes are assessed.
3. Refining capacity and margins
China's refining system is operating at less than 80% of capacity, but refiners need quotas to sell fuel overseas. 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.
