China's Q1 Crude Oil Imports Surge Nearly 9% Amid Middle East War

Despite the practical blockade of the Strait of Hormuz due to the Middle East war, which affected oil supplies to some nations, China has seen a surge in imports. Zhang Xing, Deputy Director of the General Department of China's National Energy Administration, stated at a quarterly press conference today that crude oil production in the first three months reached 54.8 million tons, up 1.3% year-on-year, while imports reached 146.84 million tons, an 8.9% increase.

The National Energy Administration and relevant departments have actively responded to external environment changes, ensuring a stable supply of oil and gas through steady domestic production, diversified imports, and temporary price controls. Oil refining volume is expected to reach 181.7 million tons, a 3.1% increase. Since the '14th Five-Year Plan,' China has maintained domestic production above 200 million tons annually. Infrastructure has also expanded, with oil and gas pipelines exceeding 200,000 kilometers and LNG receiving capacity over 120 million tons per year. China cooperates with nearly 50 countries for oil and gas trade. While imports from six Middle Eastern nations dropped by 25% in March, imports from Russia rose by 14%, according to reports from Nikkei and Reuters.