China's oil imports highest since 2023 amid Iran crude spike: What to know
Data from analytics firm Kpler from April 11 showed that Iran’s exports were up 20% from February and at a five-month high.
China’s oil imports in March hit their highest level since August 2023, driven by a surge in Iranian crude shipments, data showed Monday, despite Washington’s efforts to curb Tehran’s exports.
What happened: According to China's General Administration of Customs, March imports rebounded sharply from the previous two months, totaling 51.41 million metric tons or about 12.1 million barrels per day. That’s up from 11.55 million bpd in March 2024 and 10.38 million bpd during January-February.
The rise in imports was attributed to a spike in Iranian oil exports as well as a rebound in sales of Russian crude to China. Analytics firm Kpler reported Iranian exports at 1.71 million bpd in March, up 20% from 1.43 million in February and the highest in five months. A ship-tracking firm estimated even higher imports, exceeding 1.8 million bpd — an all-time high. Vortexa noted that this peak coincided with a 22-million-barrel increase in onshore inventories in China’s Shandong province in March.
S&P Global Commodity Insights said in an April 3 report that Iranian crude oil exports to China’s independent refiners reached a record 1.91 million bpd in March, up 19.5% from a peak of 1.6 million bpd in February.
