China’s Crude imports hit record high – Commerzbank

China imported a record volume of Crude Oil in December and across 2025, driven by higher refinery runs and aggressive stockpiling, Commerzbank's commodity analyst Carsten Fritsch notes.

Record Oil buying boosts global demand outlook

"China imported a record amount of Crude Oil in December. The import volume amounted to 56 million tons, or 13.2 million barrels per day. This was 17% more than in the previous year and 6.4% more than in the previous month on a daily basis. Imports for 2025 as a whole also reached a record level of 579 million tons or 11.6 million barrels per day."

"This exceeded the previous year's level by 4.6%. One reason for this is the increase in Crude Oil processing in China, which was 4% higher after eleven months than in the same period last year. The data for December will be published early next week."

"Another reason is the build-up of strategic reserves. In the first eleven months of 2025, China imported a good 46 million tons or 1 million barrels per day more than was processed by domestic refineries. Through its reserve purchases, China absorbed a considerable portion of last year's oversupply and prevented a sharper decline in Oil prices."