China's crude oil imports in September 2026 reached 9.03 million barrels per day (mbpd), remaining stable compared to 9.02 mbpd in August. Meanwhile, the country's oil refining capacity increased to 13.99 mbpd, the highest level since March. This situation indicates a reduction in withdrawals from China's oil reserves for the fourth time in five months, recording 0.60 mbpd.
Decrease in China's Oil Reserves
As of April, China had stored 121.5 million barrels of oil, but now only 31 million barrels remain. Given the withdrawal rate of 0.59 mbpd from May to September, it is expected that these reserves will be depleted by late November. The arrival of new shipments in October has increased, but these shipments were purchased in the summer, and considering the Brent oil price, which reached $100 per barrel since early September, the process of replenishing reserves is likely to slow down.
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Changes in Oil Transportation Routes
With the closure of the main outlet in the Persian Gulf, the need to change oil transportation routes arose. Data shows that crude oil loaded within the Strait of Hormuz decreased from about 14 mbpd in January and February to below 1 mbpd in September. During this time, Saudi crude was transported via pipeline to the Red Sea and loaded in Yanbu and Rabigh, with this route peaking at 4.3 mbpd in June.
After the attack on the East-West pipeline in August, the weight of the cargo shifted eastward, and crude oil is now passing through the strait on tankers. This method of transportation increased from nearly nothing in February to about 5 mbpd in September. Loadings at the ports of Fujairah and Oman also increased by 3.9 mbpd. In total, port loadings reached about 8.5 mbpd, five times the level of 2025.
Ultimately, cargoes that pass through the strait on tankers and are then transferred to larger tankers require two ships and waiting time at the transfer point. This situation has put additional pressure on demand and led to increased shipping costs. Currently, China continues to purchase from its oil sources, and in recent days, 19 large tankers from Brazil and West Africa have contracted to China.
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