China’s crude oil imports decreased from a record as refinery activity slowed

China has experienced a decrease in crude oil imports in 2024 due to slower oil demand growth and reduced refinery activity, importing 11.1 million b/d compared to 11.3 million b/d in 2023. This decline is attributed to lower consumption of transportation fuels, offset by increased use of other petroleum products such as liquefied petroleum gases (LPG) and naphtha in petrochemical manufacturing. The country is expected to see a growth in petroleum consumption in 2025 but faces uncertainties due to a tax change that may impact its petroleum trade balance.