China's September fuel exports boost crude use

China has begun a new month of increased refinery oil consumption, as its crude oil intake rose significantly in September to reach the highest levels since March. Fuel exports surged strongly, with gasoline, diesel, and jet fuel exports increasing by 56% compared to the previous year, supported by Beijing’s easing of export restrictions since mid-July. Despite a 21.5% year-on-year decline in oil imports, China increased its domestic production by 2.2%, while stocks were drawn down by 529,000 barrels per day. At the same time, China recorded a total increase in oil and natural gas production during the third quarter, reflecting its efforts to boost refinery consumption and reduce dependence on imports.

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