China may stop drawing crude stocks as oil imports rebound
Reuters columnist Clyde Russell says China drew on crude stockpiles in September, but October imports could rise to the highest level since March.
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what happened
According to Reuters columnist Clyde Russell, China drew on its massive crude stockpiles for the fourth time in five months in September, as refinery runs rose faster than imports. However, October imports are expected to recover to their highest level since March, a month largely untouched by the US and Israeli war against Iran that began at the end of February.
Based on official data, refineries processed about 530,000 barrels per day more than what was available from imports and domestic output. September imports reached 9.03 million bpd, slightly above August. Brent hit a four-year high of $126.41 on April 30 but fell below $80 in early August as flows through Hormuz recovered.
According to EA Crude Oil Inventories data, China's onshore crude stocks reached 1.192 billion barrels in the week to October 19, 162 million barrels below the May record but only 13 million below a year earlier.
why it matters
For markets, the key point is that China, the largest crude importer, may stop drawing on inventories and buy more crude. That supports oil demand, while showing the country retains room to adjust imports to prices.
market impact
Oil: higher Chinese imports support demand, a factor for Brent and WTI
tags
instruments
sources
- China uses crude stockpiles, but rising oil imports may curtail draws: Russell — Reuters, 21 October 2026 at 00:30 UTC
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