BUSINESS

China’s Crude Oil Imports Edge Down in March

Published: Apr. 15, 2026 6:56 p.m. GMT+8

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China’s crude oil imports edged down slightly in March, even as conflict-driven supply disruptions in the Middle East triggered a record monthly drop in output from major producers, as reduced refinery activity at home damped import demand.

China imported 49.98 million metric tons of crude last month, or about 11.82 million barrels a day, down 2.8% from a year earlier, according to data released by the General Administration of Customs on Tuesday.

China’s Crude Oil Imports Edge Lower in March

The capacity utilization rate of Chinese refineries was 85.59% in March, down from 91.43% in February, OPEC data showed.

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China's March crude imports fell 2.8% YoY to 49.98M tons (11.82M bpd), with refinery utilization at 85.59%.
Gulf OPEC+ output dropped 33% to 16.46M bpd; Iraq -2.56M, Saudi Arabia -2.31M bpd.
Global inventories fell 85M barrels; Strait of Hormuz flows averaged 3.8M bpd in early April; demand to decline.

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