Record imports defy expectations
China purchased a record 557.73 million tonnes of crude oil in 2025, equivalent to 11.55 million barrels per day. The figure exceeded 2024 levels by 4.4% and surpassed the previous record set in 2023.
December proved particularly striking, with daily imports averaging 13.18 million bpd—a new single-month record and the highest monthly figure ever recorded.
Strategic stockpiling drives demand
The surge reflects aggressive stockpiling rather than immediate consumption. According to Gunvor's global head of research Frederic Lasserre, China has been adding roughly one million barrels per day to reserves since March 2025.
With strategic reserves at approximately 60% capacity, China plans to build 11 new storage facilities through 2026, adding 169 million barrels of capacity—equivalent to two weeks of imports.
Weak consumption, strong imports
Despite the import records, actual demand remains subdued. Private refiner Hengli Petrochemical expects tepid consumption to persist until at least mid-2026 without new government stimulus.
The International Energy Agency forecasts Chinese oil demand growth of 198,000 bpd in 2026, while the EIA projects 300,000 bpd growth driven by reduced US-China trade tensions.
Energy security in focus
China aims to reach 85% energy self-sufficiency by 2030, with both coal and oil consumption expected to peak during the current five-year plan period ending in 2030. The stockpiling push reflects Beijing's focus on supply security amid global uncertainty.