A Glance of China Oil Market 20260928

While ensuring domestic supply, China's refined oil export policy remained accommodative in August 2026, and sustained high export margins drove a broad month-on-month (MoM) increase in refined oil exports in the month. Entering September, escalating Middle East tensions pushed Singapore gasoline and gasoil prices up more than domestic prices, lifting China's refined oil export margins.

In August 2026, China's LPG imports fell 15.64% MoM to 2.80 million tonnes, while exports rose 33.38% MoM to 129,300 tonnes. September imports are forecast at around 2.50 million tonnes, with exports at about 80,000 tonnes.     

The General Administration of Customs of the People's Republic of China (GACC) data show China's MTBE exports reached 561,100 tonnes in August 2026, down 87,700 tonnes or 13.51% from July. Cumulative exports for January-August totaled 5,001,400 tonnes, up 86.64% year-on-year.