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OIL: China Crude Imports Fall 5% y/y in Jan-Feb, Impacted by US Sanctions

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China's crude oil imports fell 5% y/y in the first two months of 2025 to 83.85m tons, or 10.38mbpd, from 10.74mbpd in the same period last year, according to General Administration of Customs data.

  • Combined import data for January and February is release to account for the Lunar New Year holiday in late January this year.
  • Deliveries were impacted by US sanctions on Russia and Iran and the Shandong Port Group ban on arrivals on sanctioned tankers.
  • China's crude oil imports are expected to rebound in March and April as higher freight rates attract more non-sanctioned tankers and with increased purchases of alternative grades, Reuters sources said.
  • Feedstock imports by independent refineries into Shandong Province and adjacent regions is expected to have risen over 20% m/m and exceeded 8.50m mt in February, according to OilChem.
  • Jan -Feb oil product exports were down 18% y/y to 7.21m tons and oil product imports were 6.343m tons, customs data showed.
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China's crude oil imports fell 5% y/y in the first two months of 2025 to 83.85m tons, or 10.38mbpd, from 10.74mbpd in the same period last year, according to General Administration of Customs data.

  • Combined import data for January and February is release to account for the Lunar New Year holiday in late January this year.
  • Deliveries were impacted by US sanctions on Russia and Iran and the Shandong Port Group ban on arrivals on sanctioned tankers.
  • China's crude oil imports are expected to rebound in March and April as higher freight rates attract more non-sanctioned tankers and with increased purchases of alternative grades, Reuters sources said.
  • Feedstock imports by independent refineries into Shandong Province and adjacent regions is expected to have risen over 20% m/m and exceeded 8.50m mt in February, according to OilChem.
  • Jan -Feb oil product exports were down 18% y/y to 7.21m tons and oil product imports were 6.343m tons, customs data showed.