OPEC Monthly Oil Market Report: Global Trade in Crude Oil and Refined Products

In its September 2025 edition, the OPEC Monthly Oil Market Report (MOMR) provides the following overview of crude oil and refined products trade:

In August, U.S. crude oil imports rose to a seven-month high, averaging 6.5 mb/d. U.S. crude exports rebounded from a five-month decline, reaching 3.9 mb/d, the highest level since March. Product imports in the U.S. climbed to a 12-month high of 1.8 mb/d, while product exports remained largely unchanged at 6.9 mb/d.

In July, crude oil imports into OECD Europe increased, approaching the five-year average. Product imports remained near the lower end of the five-year range, whereas product exports experienced a seasonal improvement.

Japan’s crude oil imports showed a modest recovery in July, averaging 2.0 mb/d, following a decline below 2 mb/d in June—the first occurrence since 2021. Product imports, including LPG, increased from the more than five-year low recorded in the previous month, driven by higher demand for gasoline and naphtha. Product exports, including LPG, rose slightly, as a significant reduction in gasoil exports was offset by gains across other major products.

In China, crude oil imports in July declined from a 22-month high recorded in June but remained robust at 11.1 mb/d, supported by ongoing inventory accumulation. Product imports, including LPG, averaged 2.4 mb/d, led by fuel oil, with additional support from adjustments in tax rebates that stimulated feedstock demand. Product exports remained broadly stable at 1.4 mb/d, as lower fuel oil shipments were offset by increased exports of diesel, jet fuel, and gasoline.

India’s crude oil imports in July fell to a 22-month low of 4.4 mb/d, reflecting tariff- and sanction-related uncertainties. Product imports decreased from the seven-month high recorded in June, averaging 1.2 mb/d, though remaining well above the five-year range. Product exports declined further to 1.3 mb/d, with reductions observed across all major product categories.

Source: OPEC MOMR – September 2025