Increase in China’s oil imports early this year not driven by demand growth — Reuters

China boosted its crude oil imports in the first few months of this year. However, according to Reuters, this jump reflects inventory building rather than an actual surge in demand.

China's April crude oil imports totaled 11.69 million barrels per day (bpd), marking a 7.5% year-on-year increase, though deliveries dipped slightly from 12.1 million bpd in March. Over the first four months of 2025, average imports reached 11.83 million bpd, up 0.5% from the same period last year.

The strength in imports was largely fueled by the availability of discounted cargoes from Iran and Russia, whose energy sectors remain under US restrictions. In April, China purchased an average of 1.38 million bpd from Russia. Meanwhile, Iranian shipments fell to 743,000 bpd, down sharply from 1.39 million bpd in March. Reuters attributes this decline to increased US pressure on Tehran.

Meanwhile, China's oil surplus hit 1.74 million bpd in March, the highest level since June 2023. The glut persisted through April, with inventories growing by 1.1 million bpd, according to Vortexa data.