China’s Refinery Processing Falls 8.4% in September to 57.48 Million Tonnes

Key Facts

China’s refineries processed 57.48 million tonnes in September 2026, down 8.4% year on year, according to data from the National Bureau of Statistics of China. From January to September, refineries processed 513.60 million tonnes, 6.8% less than in the same period. In the opposite direction, domestic crude output rose 2.2% year on year in September to 18.21 million tonnes, while output in the first nine months increased 1.0% to 164.60 million tonnes. The figures put a decline in processing alongside an increase in domestic output, without the published data specifying why refinery activity fell. This comes as freight data showed declines on some oil shipping routes to Asia during the week.

On the Oman Gulf-to-China route, rates for very large crude carriers fell to about 776 points on the Worldscale index in the week ended October 16, from 841 points the previous week, according to Reuters. The previous level was the highest since the index was launched earlier this year, the report said. Reuters reported that rates on the route fell as demand weakened following new attacks. A Sparta Commodities analyst said U.S. comments about the possibility of lifting sanctions on some shadow-fleet tankers pushed rates lower. Rates also retreated from record levels on other routes during the week, including the West Africa-to-Asia route. These moves show differing trends across shipping routes and do not, on their own, establish their effect on refinery purchases or crude choices.

In a separate economic development, foreign investment utilized in China totaled 5488.1 billion yuan in January–September 2026, down 4.3% year on year, according to China’s Ministry of Commerce. But investment rose 2.5% in September alone from the same month a year earlier. Foreign investment utilized in high-tech industries rose to 2285.3 billion yuan in the nine months, up 33.8% year on year. These industries accounted for 41.6% of total foreign investment utilized over the period. The figures point to divergent trends between overall investment and growth in high-tech investment, but do not explain refinery processing or oil purchases. The National Bureau of Statistics is scheduled to release its monthly Purchasing Managers’ Index report on October 31, 2026, according to its published calendar; dates listed in the calendar are preliminary and subject to change.