China’s crude oil imports surged 15.8% in the first two months of 2026 compared to last year, as refineries maintained high throughput and increased stockpiling. Total imports for January and February reached 96.93 million metric tons, or about 11.99 million barrels per day, smoothing out the impact of the Lunar New Year holiday.
The growth was supported by higher refinery capacity utilization, with rates at 71.3% in January and 73.2% in February. Increased Russian shipments nearly doubled from the previous year, while imports from Iran rose slightly due to lower prices, compensating for reduced Venezuelan crude deliveries.
Exports of refined oil products including diesel, gasoline, aviation fuel, and marine fuel also rose 12.7% to 8.13 million tons. Overall, China’s energy sector showed strong activity early in 2026, reflecting both domestic demand and strategic stockpiling efforts amid global market fluctuations.
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