China Crude Oil Imports Plunge 21.5% Year on Year in September as Full-Year Trajectory Deepens Decline

China's crude oil imports fell sharply in September 2026, dropping to 37.10 million tonnes from 37.93 million tonnes in August and plunging 21.5% compared with the same month a year earlier, according to customs data released on October 14. The year-to-date picture is equally stark: China took in just 357.97 million tonnes of crude in the first nine months of 2026, down from 422.61 million tonnes in the same period of 2025, a decline of roughly 64.6 million tonnes.

Oil product imports also weakened, falling to 1.85 million tonnes in September from 2.25 million tonnes in August, and the January-through-September total of 24 million tonnes compares poorly with 30.68 million tonnes a year earlier. In contrast, China's oil product exports strengthened on the month, rising to 7.16 million tonnes in September from 6.01 million tonnes in August, though the nine-month export total of 41.40 million tonnes still trails last year's 43 million tonnes.

Natural gas imports offered a brighter reading, climbing to 10.86 million tonnes in September from 10.33 million tonnes in August. The January-September cumulative total of 89.23 million tonnes, however, remains below the 92.81 million tonnes imported in the same stretch of 2025.

Adding a supply-side dimension to the energy picture, Saudi Arabia reported to OPEC that its crude production jumped by roughly one-third in September, recovering from its lowest output level in more than three decades. The surge in Saudi supply, set against sharply reduced Chinese demand for imports, reinforces the oversupply concerns that have weighed on global oil markets.