China Absorbs Global Oil Glut with Surplus of 2.67 Million bpd in December

China recorded a crude oil surplus of 2.67 million barrels per day (bpd) in December, up from 1.88 million bpd in November. This level represents the highest since June 2020, when the world's largest importer was taking advantage of low prices during the COVID-19 pandemic. For the full year 2025, surplus crude volume reached 1.13 million bpd, comparable to the 1.15 million bpd observed in 2024. Record Imports in December Crude imports surged to 13.18 million bpd in December, a 17% increase compared to the same month in 2024. For the full year, Chinese purchases reached 11.55 million bpd, a new all-time high up 4.4% year-on-year. Domestic production stood at 4.19 million bpd for December and 4.32 million bpd for the year, up 1.5%. Combining imports and domestic output, Chinese refiners had 17.37 million bpd available in December. With refinery throughput at 14.7 million bpd, the gap mechanically generates a surplus of 2.67 million bpd. For 2025, refineries processed 14.75 million bpd, surpassing the previous record of 14.7 million bpd set in 2023. The Strategic Storage Question Beijing reportedly aims to increase its strategic reserves by as much as 500 million barrels, according to available data. This capacity would provide significant scope to maintain purchases above immediate needs. From March 2025 onwards, China was importing crude at a rate well above its domestic fuel demand. Chinese buying behavior remains closely correlated to prices. During the first two months of 2025, the country reportedly drew on stockpiles after Brent rose above $80 per barrel. Conversely, imports strengthened after prices fell toward a low of $58.72 on December 16. Global Surplus Concentrated in China Amin Nasser, CEO of Saudi Aramco, stated at the Davos forum that oil glut predictions were "seriously exaggerated." This assertion would only hold true as long as China maintains purchases well beyond its domestic needs and refined product exports. A reduction of approximately 1 million bpd in Chinese imports in 2026 would weigh on crude prices. Current dynamics suggest Beijing will continue surplus purchases as long as prices remain at levels deemed acceptable. The trajectory of Brent prices will be the determining factor in anticipating the behavior of the world's largest crude oil buyer.

DAL Structures Financing for 100 MW of Germany’s Largest Battery Storage Project

Germany and Denmark Agree on 3 GW Bornholm Offshore Wind Project

National Grid and TenneT Germany Launch GriffinLink, a 2 GW Offshore Wind Interconnector

Enery Secures Over €250 Million to Develop 300 MW of Solar in Central Europe

SSE Renewables Launches Construction of Two 42 MW Wind Farms in Teruel, Spain

Gabon: Bourdon Oil Project Advances Toward Final Investment Decision

China Absorbs Global Oil Glut with Surplus of 2.67 Million bpd in December

Gabon: Bourdon Oil Project Advances Toward Final Investment Decision

Eni Launches Appraisal Drilling on Offshore Calao Discovery in Ivory Coast