China's Crude Oil Imports Reach 20-Month High, Driven by Iranian, Russian Supply

China's crude oil imports surged to 12.1 million barrels per day in March, the highest level since August 2023, driven by significant increases in Iranian and Russian oil deliveries. The total volume for March reached 51.41 million metric tons, reflecting a nearly 5% rise from a year earlier. Iranian oil imports soared to a record 1.8 million bpd, largely due to independent refiners stocking up ahead of potential U.S. sanctions, while Russian oil also rebounded despite ongoing sanctions. Meanwhile, Saudi Arabia plans to boost its crude supply to China in May following a price cut, with expectations of lifting approximately 48 million barrels. This increase aligns with market trends as lower prices and a proposed output increase by OPEC+ aim to stabilize the oil market. However, ongoing trade tensions between the U.S. and China raise concerns about future demand and price stability.