China's crude oil inventories hit three-year high in March
author: Ann
2025-04-29
Recent data showed that China's crude oil inventories rose to the highest level in nearly three years in March, reflecting the current situation that oil demand growth lags behind refinery processing rates. That month, Chinese oil processors used cheap crude oil resources from Iran and Russia to push refinery processing rates to a one-year high.
Reuters quoted official data from Beijing as saying that 1.74 million barrels of oil entered storage in China every day in March, and the storage inflow rate reached the highest level since June 2023. During the same period, China's refineries produced an average of 14.85 million barrels per day, a slight increase of 0.4% from the same period last year.
Import and production data showed a positive trend. In March, China's crude oil imports increased by 5% to 12.11 million barrels per day, showing that oil demand has strong resilience. This trend echoes the record high domestic oil production, which reached 4.6 million barrels per day that month. It is worth noting that in the first two months of this year, Chinese refiners had to use their inventories to meet demand for fuel and other petroleum products due to insufficient domestic production and imports.
The change in Iran's crude oil imports is particularly noteworthy. Kpler data shows that China's oil imports from Iran reached 1.71 million barrels per day in March, up from 1.43 million barrels in February, the highest level since November last year. This reflects the preference of Chinese oil buyers for cheap crude oil. Currently, almost 100% of Iran's exported oil is sold to China.
The current changes in China's crude oil inventory, imports, production and refining data show the complex supply and demand situation in the domestic oil market. The subsequent market trend and its impact on the energy industry deserve continued attention.
Reuters quoted official data from Beijing as saying that 1.74 million barrels of oil entered storage in China every day in March, and the storage inflow rate reached the highest level since June 2023. During the same period, China's refineries produced an average of 14.85 million barrels per day, a slight increase of 0.4% from the same period last year.
Import and production data showed a positive trend. In March, China's crude oil imports increased by 5% to 12.11 million barrels per day, showing that oil demand has strong resilience. This trend echoes the record high domestic oil production, which reached 4.6 million barrels per day that month. It is worth noting that in the first two months of this year, Chinese refiners had to use their inventories to meet demand for fuel and other petroleum products due to insufficient domestic production and imports.
The change in Iran's crude oil imports is particularly noteworthy. Kpler data shows that China's oil imports from Iran reached 1.71 million barrels per day in March, up from 1.43 million barrels in February, the highest level since November last year. This reflects the preference of Chinese oil buyers for cheap crude oil. Currently, almost 100% of Iran's exported oil is sold to China.
The current changes in China's crude oil inventory, imports, production and refining data show the complex supply and demand situation in the domestic oil market. The subsequent market trend and its impact on the energy industry deserve continued attention.
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