China's October Crude Imports Projected to Surpass 10 Million BPD

Key Facts

1China's crude oil imports are projected to exceed 10 million barrels per day in October.

2The increase in buying was driven by a drop in Brent prices in early August and recovered supplies from Saudi Arabia and the UAE.

China's crude oil imports are projected to exceed 10 million barrels per day in October, according to Reuters. The news agency reported that the surge in buying was incentivized by a drop in Brent crude prices in early August, coupled with a recovery in supply volumes from major Middle Eastern producers, including Saudi Arabia and the United Arab Emirates.

The projected import growth follows recent economic data showing China's Gross Domestic Product grew by 4.5% year-on-year as of October 19, 2026, beating forecasts. Industrial production also rose by 5.5% on the same date, supporting energy demand even as the country maintained its primary loan rates at 3% and 3.5% following decisions on October 20, 2026.