China's crude oil surplus grew significantly in 2024 due to stockpiling of discounted Russian oil, potentially mitigating the impact of upcoming sanctions.
China ’s crude oil surplus last year increased to around 1 million bpd as refiners rushed to stock up on cheaper Russia n crude, enjoying some purchasing flexibility for this year. Reuters’ Clyde Russell reported the average daily surplus stood at 1.15 million barrels, which compared with 760,000 barrels a year earlier.
The refining average constituted a dip, by the way, and that was the first dip in refining rates in 20 years. The cause of the dip was weaker fuel demand, which depressed refining margins in 2024. Oil demand in China was lackluster in 2024, with consumption growth slowed, due to weaker economic performance and a shift to electric vehicles and LNG-fueled trucks.
Crude Oil Surplus Stockpile Russia Sanctions Refining Electric Vehicles LNG Trucks Oil Demand
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