China’s Crude Buying Rebounds as Fuel Exports Jump 29%

China's crude oil imports increased for the second straight month in August 2026, reaching 37.93 million metric tons, or approximately 8.93 million barrels per day (bpd). This represents a 6.2% increase compared to July, continuing a recovery from the decade-low of 7.1 million bpd recorded in June. Although imports remain 23.4% below the levels seen in August 2025, Chinese refiners have actively scaled up crude intake to meet heightened international fuel demand. The recovery in crude buying was heavily driven by Beijing easing fuel export curbs, enabling refiners to capitalize on attractive margins amid a global shortage of refined products, particularly diesel. Refined oil product exports surged 29% month-over-month to 6 million tons in August, also exceeding the 5.33 million tons exported in the prior-year period. To meet feed requirements while navigating Middle Eastern supply disruptions and high prices, Chinese refiners broadened their crude sourcing. Purchases included elevated volumes of Russian ESPO crude alongside supplies from non-traditional origins like Argentina. Analysts expect steady export volumes in September to continue supporting crude intake.