China's crude oil imports up in September, Saudi Arabia largest supplier

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China's crude oil imports increased in September as refineries returned from seasonal maintenance, while net exports of fuel products soared following the country’s allocation of a new quota.

Inbound crude oil shipments to China rose to 9.83 million barrels per day (bpd) — the highest level since last May, according to Bloomberg's estimates that were based on government data released today, Oct. 24.

Inbound shipments of processed crude also rose 9% month-on-month (MoM) to 13.88 million bpd — the most since last February.

Meanwhile, China’s net fuel exports jumped 17% MoM to 3.37 million tons in September — the highest since June 2021.

Saudi Arabia was China's largest supplier, although its oil supplies to the world's second-largest economy fell in September by 5.4% to 1.83 million bpd — or a total of 7.53 million tons — from 1.99 million bpd in the month before.

Beijing seeks to revive economic growth by allowing refiners to ship more fuel abroad, after authorities announced a new quota for oil imports and fuel exports.