China’s Crude Oil Imports Dip to Four-Month Low in May

Data released on Monday reveals that China’s crude oil imports experienced a decline in May, reaching their lowest daily level in four months. This downturn is attributed to scheduled maintenance activities at both state-controlled and independent refining facilities.

The world’s leading crude oil purchaser imported a total of 46.6 million metric tons in May, which translates to 10.97 million barrels per day (bpd), as per figures provided by the General Administration of Customs.

This figure represents a 3% decrease compared to the 48.06 million tons imported in April, and a 0.78% drop from May of the previous year.

Over the initial five months of 2025, China’s cumulative crude oil imports amounted to 229.61 million metric tons, or approximately 11.1 million bpd, indicating a modest increase of 0.3% from the corresponding period last year.

Maintenance shutdowns impacted a combined refining capacity of 129.9 million tons annually, equivalent to about 2.6 million bpd, marking a 19.2 million ton increase from April, according to data from local consultancy Oilchem.

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Muyu Xu, a senior crude oil analyst at Kpler, noted that May typically marks the peak maintenance season in China. Refineries strategically reduced their procurement of shipments slated for May arrival. Furthermore, elevated crude prices earlier in the period led to significant reductions in long-term contract volumes, particularly from Saudi Arabia. Additionally, diminished arrivals of Iranian oil in May contributed to overall weakness in seaborne imports.

Imports are anticipated to recover in June.

Xu added that an increase in long-term contract barrels originating from the Middle East and a rise in arbitrage barrels from regions like Brazil are expected in June. However, Iranian crude imports are projected to remain at levels similar to those observed in May.

The data also indicated a 17.62% year-on-year decrease in China’s refined fuel exports in May, totaling 4.41 million tons.

Imports of natural gas, encompassing both piped gas and liquefied natural gas (LNG), experienced a 10.8% annual decline, reaching 10.11 million tons.

Spot LNG imports remained subdued as Asian market prices lingered above $11/mmBtu, a level deemed too costly for Chinese consumers due to abundant domestic supplies and weaker-than-anticipated industrial consumption, according to traders.