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China’s Oil Buying Spree May Be Running Out of Steam

China’s oil imports reached a record 11.55 million barrels per day in 2025, a 4.4% increase over the prior year, driven by aggressive stockpiling and expanded storage capacity. While the country continues to buy discounted Russian crude and benefits from Saudi price cuts, rising Brent prices and surging VLCC freight rates are beginning to temper demand. Analysts expect imports from Africa and the Middle East to decline from April onward as higher logistics costs and tighter pricing erode margins. Nevertheless, China’s buying power keeps it a key price‑setter in the global market.