China’s oil imports hit highest since August 2023

Reuters reports China’s oil imports rose steeply from January and February and grew 5% on an annual basis in March. 

According to China’s General Admission of Customs, last month the country’s crude imports totalled 51.14 million tons, or 12.1 million barrels per day. The volume is the largest since August 2023, Reuters reports. 

China purchased about 10.38 million barrels per day of oil in January and February and 11.55 million barrels per day in March 2024.

Purchases of Iranian oil, which makes up to about 13% of China’s imports, surged last month. The country’s independent refineries and traders were building up crude stocks on concerns over new US measures tightening supplies in the future. 

Additionally, deliveries of Russian oil to China rebounded, as tankers not subject to US restrictions joined the transport, benefiting from higher freight rates.

In the first quarter of 2025, China imported 135.25 million tons of crude oil, or 10.97 million barrels per day, 1.5% down from last year’s level, Reuters reports.