China may resume US crude imports amid supply crisis
Chinese state-run refiners are considering importing crude oil from the United States again after a nine-month halt, as the Middle East supply crisis worsens. Reports indicate that while tariffs on US crude are still in place, they may be set aside if disruptions continue. Chinese authorities have also told major refiners to suspend exports of diesel and gasoline to prioritize domestic needs. Beijing and refinery strategists are weighing all available options to ensure stable energy supplies.
TLDR
- Chinese refiners suspended US crude imports since June 2025, reducing annual trade flows by 72.6% to 2.29 million metric tons.
- One US crude cargo was loaded on March 7, with shipping data suggesting up to eight cargoes could be delivered to China.
- NYMEX front-month crude surged $20.34 to $111.24 per barrel on March 8 due to Middle East disruptions.
- China’s onshore crude inventory hit a record 1.32 billion barrels on March 5, up from 1.31 billion barrels on February 26.
- Freight rates for US Gulf Coast-China shipments fell to $26 million for loadings between March 21 and April 20, down from $28.5 million on March 5 and $29.3 million on March 4.
