By Alexander Miller, consultant in energy markets. Eurasia Business News, July 15, 2025. Article n°1627.
China’s refinery runs reached their highest level in nearly two years in June 2025, with crude oil processing hitting about 15.15 million barrels per day (bpd), the strongest pace since September 2023. This represents an 8.5% increase year-on-year and an 8.8% rise compared to May 2025.
The surge was driven mainly by state-owned refineries ramping up output after completing seasonal maintenance, pushing their utilization rates to nearly 80% in June, up from around 73% in May. This also helped rebuild gasoline and diesel stocks, which had fallen to multi-year lows following heavy maintenance in April and May that reduced supply and boosted product margins.
Rising demand for jet fuel and petrochemical feedstocks further supported higher refinery runs amid improving profitability. State-owned refiners reported significantly higher profits in June, with margins boosted by lower crude input costs combined with strong product prices.
Overall, the increased crude processing in China is expected to continue into the third quarter, driving higher crude imports for the world’s largest oil importer despite some slowing in gasoline and diesel consumption.
The main oil supplier to China is Russia, which accounted for approximately 18.8% of China’s crude oil imports in 2024, making it the largest single-country provider. Russia’s share reached nearly 20% in 2024, surpassing Saudi Arabia’s 19.1% share from 2013. This increase is partly due to discounts on Russian oil following Western sanctions, making it a preferred source for China.
Other major suppliers include:
- Malaysia (10.3%)
- Saudi Arabia (9.8%)
- Iraq (7.6%)
- United Arab Emirates (5.9%)
- Oman (5.5%)
Saudi Arabia remains a key supplier and recently increased exports to China, reaching over two-year highs in August 2025. However, Russia leads in volume due to both geopolitical dynamics and competitive pricing.
Our community already has nearly 150,000 readers!
Subscribe to our Telegram channel
Follow us on Telegram, Facebook and Twitter
© Copyright 2025 – Eurasia Business News. Article no. 1627
Eurasia Business News 