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OPEC+ Cuts Output Amid China’s Declining Oil Imports

10/3/2025

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Summary

Story summary

OPEC+ unwound 2.2 million bpd of output cuts, but exports haven't risen accordingly.
China's crude storage is building by at least 500,000 bpd, supporting prices around $65-$70.
China's imports fell to 10.83 million bpd in September, the lowest since February.
The Energy Markets Forum in Fujairah highlighted uncertainty for the next two to three quarters.

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Story summary

OPEC+ unwound 2.2 million bpd of output cuts, but exports haven't risen accordingly.
China's crude storage is building by at least 500,000 bpd, supporting prices around $65-$70.
China's imports fell to 10.83 million bpd in September, the lowest since February.
The Energy Markets Forum in Fujairah highlighted uncertainty for the next two to three quarters.