China's Crude Oil Imports Reach Record Highs in December 2024
China's crude oil imports surged 17% year-over-year in December 2024, reaching a record 13.18 million barrels per day. This increase was driven by strategic stockpiling, stronger refinery throughput, and lower crude prices. Onshore inventories also hit an all-time high of 1.206 billion barrels.
Insights:
China's crude oil imports soared to unprecedented levels in December 2024, marking a 17% year-over-year increase to 13.18 million barrels per day. This surge, reported by China's General Administration of Customs, underscores the country's robust appetite for crude, driven by strategic stockpiling amid geopolitical tensions, increased refinery throughput, and favorable pricing conditions.
The December imports totaled 55.97 million metric tons, representing a 10% rise from November's 50.89 million tons. For the full year 2025, China's crude oil imports reached 557.73 million tons, or 11.55 million barrels per day, reflecting a 4.4% increase from 2024. These figures highlight record daily and annual import volumes, with onshore crude inventories peaking at 1.206 billion barrels by late December and early January.
