Overview
- Official customs figures show China imported 96.93 million tonnes of crude in January–February, up 15.8% from a year earlier at roughly 11.99 million barrels a day.
- Kpler data indicate seaborne arrivals rose strongly in both months, with higher refinery runs and continued state and commercial stockpiling driving the intake.
- Russian crude shipments to China nearly doubled from a year earlier as India cut purchases, though an OFAC license from March 5 to April 4 allows Indian refiners to resume buying and could reshape near‑term flows.
- Analysts estimate China now holds roughly 120 days of import cover, with additional barrels in offshore storage, providing a cushion as Hormuz traffic slows following late‑February strikes on Iran.
- China’s energy strategy—higher domestic output, rapid adoption of renewables and EVs, and a plan to expand reserves—has supported relative resilience in the yuan, bonds, and equities during the oil‑price shock.