China's Crude Oil Stock Estimated to Increase by 200,000 Barrels per Day

China's crude oil stock is estimated to have increased by approximately 200,000 barrels per day in July. This is analyzed as a result of adjustments in imports, refining operations, and refined oil exports after June's crude oil imports approached a ten-year low. July's crude oil imports were 8.41 million barrels per day, an increase from June's 7.12 million barrels, but a 24.3% decrease compared to July 2025. The total of July's crude oil imports and domestic production was 12.72 million barrels per day, indicating that about 200,000 barrels were added to stock when excluding refining throughput. Since China does not officially disclose its crude oil stocks, the market estimates stock changes indirectly through imports, domestic production, and refining throughput. According to the U.S. Energy Information Administration, China's crude oil imports in the second quarter were 8.1 million barrels per day, a 32% decrease from the previous quarter. The decline in June's imports is interpreted not as a simple collapse in demand but as an adjustment to prices and transportation risks. Additionally, China has relaxed restrictions on refined oil exports in August, granting approval for the departure of 2.7 million tons to destinations excluding Hong Kong and Macau. This increase of 200,000 barrels is interpreted more as a result of controls on imports, refining, and exports rather than a signal of increased crude oil usage in China.