China’s oil imports jump to a two-year peak
China pulled in an average of 12.38 million barrels of crude per day in November, a 4.88% year-on-year rise and the highest daily intake since August 2023, according to government data cited by Reuters. This figure also marks a 5.24% month-on-month increase from October, with January–November total imports reaching about 521.87 million tons, equivalent to roughly 11.45 million barrels per day.
In November, Russia’s crude shipments to China fell by 157,000 barrels per day to about 1.19 million barrels daily, while Saudi Arabia increased its shipments by 345,000 barrels per day to 1.59 million barrels daily, making Saudi Arabia China’s leading supplier for the month. Iran also boosted its load, adding 233,000 barrels per day from October to an average of 1.35 million barrels per day.
Emma Li, head of China research at Vortexa, told Reuters that domestic demand has softened seasonally, but ongoing sanctions on Iranian and Russian crude have driven lower feedstock prices. This has squeezed refining margins and encouraged more refineries to seek advance import quotas ahead of the first batch for 2026.
Market watchers had forecast that demand for crude would remain weak for China—the world’s largest importer—through at least mid-next year. Still, stronger-than-anticipated economic growth and rising petrochemical demand could lift China’s oil use by about 1.1% this year, though consumption of transportation fuels appears to have plateaued, according to CNPC’s Economics and Technology Research Institute.
Separately, independent refiners in Shandong are increasing crude purchases and processing after Beijing issued a new round of import quotas. Analysts say the stockpiled oil is being drawn down, potentially easing a perceived supply overhang as the year ends.
Source: Irina Slav, Oilprice.com
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Notes:
This summary preserves the original’s factual content and key figures while presenting the information in a clear, beginner-friendly style. If you’d like, it can be expanded with brief explanations of what import quotas mean for refiners or a short primer on why sanctions affect crude prices and margins.
