China’s Oil Imports Hit an All-Time High in 2025

Group 1 - China's crude oil imports reached a record high of 11.55 million barrels per day in 2024, totaling 557.73 million tons, which is an increase of 4.4% compared to the previous year [1] - December 2024 also saw a record average daily import of 13.18 million barrels, amounting to 55.97 million tons [1] - The data challenges the notion that Chinese oil demand is irreversibly declining due to transport electrification, as higher imports have supported oil prices despite OPEC+ production increases [2] Group 2 - From March 2025, there has been significant stockpiling in China, with rates approaching one million barrels per day, and this trend is expected to continue into 2026 [3] - China's strategic and commercial reserves are currently at a filling rate of about 60%, indicating potential for further inventory accumulation [3] - New oil storage capacity is being developed, with 11 new sites planned for 2025 and 2026, adding approximately 169 million barrels of capacity [4] Group 3 - The new storage capacity is equivalent to two weeks' worth of crude oil imports, and it is less than the 180 to 190 million barrels added between 2020 and 2024 [5]