China's oil imports drop in 2024

China's crude oil imports fell in 2024, marking the first annual decline in two decades, excluding the pandemic period. This decline comes amid weak economic growth and a peak in domestic fuel demand.

According to data from China’s General Administration of Customs, the total crude oil imports for 2024 stood at 553.4 million metric tons, or an average of 11.04 million barrels per day (bpd), down 1.9% from last year’s peak of 11.28 million bpd.

The data released on Monday revealed that China’s oil imports in December fell to 47.84 million tons, or 11.27 million bpd, down from 11.81 million bpd in November and 11.39 million bpd in December 2023, as reported by Reuters.

The report highlighted that Chinese demand for major transport fuels grew only marginally last year, driven by the rapid shift to electric vehicles and weak diesel demand due to falling external demand for manufactured goods and the ongoing real estate crisis.

Energy market analysts believe that China’s fuel demand—excluding inputs for the petrochemical sector—peaked in 2023, as the growth in aviation fuel consumption failed to offset the decline in demand for gasoline and diesel.