An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018.
The surge was driven by increased shipments from various suppliers. Iranian oil, accounting for about 13% of China's crude purchases, saw higher arrivals as independent refiners in Shandong stocked up. Emma Li, an analyst at Vortexa, noted: “China’s seaborne crude imports rebounded to 10.6 million bpd, the highest since October 2023, largely due to record Iranian crude arrivals.” Russian oil imports also rose, with non-sanctioned tankers facilitating deliveries despite global market challenges.
State-owned refiners adjusted their sourcing strategies, increasing purchases from regions like the Middle East, West Africa, and South America to diversify supply. For the first quarter of 2025, total crude oil imports reached 135.25 million tons, or 10.97 million bpd, a slight 1.5% decrease from the same period in 2024.
In contrast, exports of refined oil products, including diesel, gasoline, aviation fuel, and marine fuel, totaled 5.24 million tons in March, down from 6.02 million tons a year earlier. First-quarter exports amounted to 12.46 million tons, a 16% decline compared to 2024. The reduction aligns with a smaller allocation of export quotas this year, though quotas were released earlier than usual.
Natural gas imports, covering both piped gas and liquefied natural gas (LNG), dropped to 9.16 million tons in March, a 15% decrease from the previous year. For the first quarter, imports totaled 29.42 million tons, down 10% from 2024. Demand for spot LNG remained low due to sufficient domestic supplies and elevated import costs. Companies also limited imports of certain LNG sources, adjusting to market conditions.
The data highlights China's ongoing efforts to balance energy needs with global supply dynamics. Refiners and traders continue to adapt to changing market conditions, ensuring steady crude oil inflows while managing refined product exports and natural gas demand efficiently.
