China's crude oil imports hit 20-month high

China’s demand for crude oil strengthened as the world’s second-largest economy increased imports from Iran amid concerns that US sanctions could tighten global supplies.

Chinese refineries processed 14.85 million barrels per day (bpd) in March, marking a 0.4% year-on-year (YoY) increase, while crude oil imports rose 5% to 12.11 million bpd — the highest level since August 2023.

Domestic production was also strong, climbing 3.5% to 4.48 million bpd in March, reaching its highest point since mid-2011, according to Reuters.

Meanwhile, commodity analysts at Kpler estimated that Iranian oil imports hit 1.71 million bpd in March, up 20% month-on-month (MoM) and the highest level in five months.