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China to increase oil imports to replenish strategic reserves — Energy Aspects
Energy Aspects reports that China's push to stockpile crude will help offset weaker commercial demand and keep overall oil imports steady.
According to Bloomberg, China could buy up to 140 million barrels of crude for its strategic fuel reserves, with deliveries scheduled for Q4 2025 and Q1 2026. The government plans to purchase oil as long as prices remain below $80 per barrel.
Bloomberg estimates that in June, the world's top crude importer bought 12.2 million barrels per day, the highest level in nearly two years. Iran has been the main supplier of this extra oil to China. Energy Aspects analysts predict China's crude imports in 2025 will exceed last year's volumes.
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