China's crude oil imports surged to a 27-month high in November 2025, fueled by discounted Iranian and Russian oil and strong refining demand.

China’s crude oil imports hit a 27-month high in November 2025, averaging 12.38 million barrels per day, up 4.88% from a year earlier, driven by lower prices from sanctions on Iranian and Russian oil, improved refining margins, and advance import quotas for 2026. Independent refiners in Shandong boosted output using discounted Iranian crude, raising operating rates to 61.3%. Saudi Arabia became the top supplier, while Russian shipments declined. Despite seasonal demand drops, overall imports rose, with total 2025 imports expected to grow 1.1%, though crude demand may remain weak through mid-2026.