China's crude oil imports reached a record high in 2025, driven by a combination of strategic stockpiling, robust refinery demand, shifting sourcing patterns, and favorable prices. Total imports for the year amounted to 577.73 million tonnes (11.6 million barrels per day), a 4.4% increase over 2024. December imports also hit an annual high, rising 10% month-on-month and 17% year-on-year to 55.97 million tonnes.

Strategic Stockpiling as a Key Driver

A primary factor behind the import surge was a significant build-up of national inventories. Analysts attributed this to lower oil prices and geopolitical uncertainty, which spurred efforts to enhance energy security. Data from Kpler showed China's onshore crude stockpiles reached a record 1.203 billion barrels by the end of 2025, a net increase of 100 million barrels for the year—substantially higher than the 40 million barrels added in 2024. This stockpiling was supported by a reported Strategic Petroleum Reserve (SPR) filling mandate and the launch of new storage facilities requiring initial volumes. Regional data highlighted notable inventory builds in December, including over 12 million barrels in Guangdong and nearly 15 million barrels in Shandong province.

Supply, Demand, and Price Dynamics

While underlying demand remained strong, as indicated by an expected 3.2-3.5% year-on-year increase in December crude processing volumes, overall supply growth outpaced refinery runs. Total crude supply rose 3.74% in 2025, with domestic output growing 1.58%, meaning stockpiling absorbed the additional supply. A key enabler was a decline in import prices; customs officials reported crude import prices fell approximately 10% in 2025 as international commodity prices trended downward, encouraging both strategic and commercial inventory building.

Shifts in Import Origins

The sourcing of crude imports shifted notably in 2025. Imports from Brazil surged to 894,000 barrels per day, their highest level on record and a significant year-on-year increase. Increased volumes also came from the United Arab Emirates, Kuwait, and Saudi Arabia following the unwinding of OPEC+ production cuts. The opening of Canada's TMX pipeline in 2024 enabled a major rise in Canadian crude exports to China, making the Americas a top contributor to import growth. Within Asia, growth was driven by flows from Malaysia and Indonesia, which are known transshipment points for sanctioned cargoes from Venezuela and Iran. African imports from Ghana and Togo also saw notable increases. In contrast, imports from Russia declined by 6.5% year-on-year.

Outlook and Key Factors for 2026

Analysts expect China's crude imports to remain elevated in 2026, influenced by several factors. The scheduled start-up of several new storage tanks and the planned operational launch of the 300,000 bpd Panjin-Aramco refinery in the second half of the year will lift demand. Continued geopolitical uncertainty may also prompt Beijing to further enhance energy security. A key swing factor will be China's potential increased reliance on Russian crude if supplies from other sanctioned sources like Venezuela and Iran become more constrained due to geopolitical blockades or escalating situations. The overall import level will also depend on whether China initiates another round of SPR refilling and on prevailing oil price levels.

Broader Import Context

The record crude imports contributed to China's overall import value reaching a record 18.48 trillion yuan (approximately US$2.65 trillion) in 2025, maintaining its position as the world's second-largest import market for the 17th consecutive year. State-owned enterprises played a vital role in this dynamic