BY CHEN AIZHU
SINGAPORE- China’s crude oil imports fell 5 percent in the first two months of 2025 versus year-ago levels, data showed on Friday, as tougher US sanctions on ships carrying Russian and Iranian oil and a Chinese port ban slowed flows into the world’s top importer.
Imports during January and February were 83.85 million metric tons, or about 10.38 million barrels per day (bpd), according to the General Administration of Customs, down from 10.74 million bpd in the corresponding period last year.
China releases combined import data for January and February to smooth out the impact of the week-long Lunar New Year holiday which fell in late January this year.
Cargo deliveries were slowed after an unexpected ban in early January by Shandong Port Group prohibiting sanctioned tankers from calling at its ports.
The eastern province of Shandong is home to most of the independent refiners which are the main buyers of Russian and Iranian oil.
The ongoing port ban and soaring freight rates as the US sanctions removed significant shipping capacity led to higher crude prices, inflating costs at a time when smaller independent Chinese refiners were already reeling from thin or even negative margins.
A few newer terminals, including two privately controlled ones located outside Shandong, stepped in, discharging sanctioned tankers, but they only handled marginal volumes.
However, as higher freight charges lure more non-sanctioned tankers to ship Russian and Iranian oil and Chinese refiners stepped up purchases of alternative grades, China’s crude oil imports are expected to rebound in March and April, traders have said.
Customs data also showed exports of refined oil products, which included diesel, gasoline, aviation fuel and marine fuel, were down 18 percent from a year earlier, at 7.21 million tons.
Natural gas imports for January-February, including piped gas and liquefied natural gas (LNG), also dropped, down 7.7 percent from the corresponding year-ago period to 20.31 million tons, the data showed.
LSEG shipping data showed LNG discharges into China totaled 10.85 million metric tons during the period, down from 13.2 million tons imported a year earlier.
