China's Crude Oil Imports Jump 15.8% as Refiners Stockpile Due to Global Supply Fears

As global energy markets face mounting pressure from the Iran war, China's crude oil imports surged 15.8% in January and February 2026 compared to a year earlier, official customs data showed. Total imports for the two months reached 96.93 million metric tons, or about 11.99 million barrels per day. Chinese refineries ran at capacity utilization rates of 71.3% in January and 73.2% in February, both higher than the prior year, while inventories rose by approximately 12 million barrels. Russian shipments were particularly notable, nearly doubling from a year earlier as India reduced its purchases, leaving more supply available to China at lower prices. Imports from Iran also rose slightly due to lower prices. Meanwhile, exports of refined products, including diesel, gasoline, aviation fuel, and marine fuel, climbed 12.7% to 8.13 million tons, while natural gas imports fell 1.1% to 20.02 million tons.