China increased its crude oil inventories in March amid falling prices

In March, Chinese refineries processed the largest volume of oil in a year. However, crude inventories rose to their highest level in almost three years due to increased imports. China's crude oil glut in March was the highest since mid-2023, at 1.74 million barrels per day (bpd). Reuters shared this information, referring to the country's official data.

The news agency explains that such dynamics stem from increased supplies from Iran and Russia, as well as lower market prices.

According to Reuters calculations, Chinese enterprises refined 14.85 million barrels of crude oil per day in March, which is 0.4% more than last year. The country's daily oil imports increased by 5% to 12.11 million barrels. In the same month, domestic production was up 3.5% to 4.48 million bpd, hitting its highest since mid-2011.

Since March, oil prices have fallen further and hit five-year lows. Reuters experts predict that this could lead to increased imports of crude to China in the coming months. However, a lot will depend on whether the Chinese economy manages to overcome the consequences of the tariff dispute with the United States.