Crude oil imports in Asia dropped in Q1 2025, highlighting a potential slowdown in global demand
Crude oil prices are under pressure as weaker-than-expected demand in Asia casts doubts over optimistic forecasts for 2025. New data reveals that Asia’s crude oil imports fell during the first quarter, despite a modest rebound in March.
According to LSEG Oil Research, Asia imported an average of 26.44 million barrels per day (bpd) of crude in Q1 2025 — down from 27.08 million bpd in the same period last year. This marks a significant decline for the region that is traditionally considered the engine of global oil demand.
March rebound driven by lower Brent crude oil imports prices and Chinese buying
March saw some recovery, with imports rising to 27.39 million bpd, up from 25.44 million bpd in February. The increase was largely fueled by China’s crude oil imports, which reached 10.14 million bpd via seaborne shipments — the highest level in three months. Including pipeline imports, China’s total hit 11.04 million bpd, though still below March 2024’s 11.6 million bpd.
Analysts attribute the uptick to refinery restocking, seasonal demand, and most notably, declining global oil prices. Brent crude futures fell from a six-month high of $82.63 per barrel in mid-January to a low of $68.33 by early March, prompting refiners to take advantage of lower purchasing costs.
Signs of stockpile drawdowns suggest cautious demand outlook
China’s refiners processed approximately 30,000 bpd more than available supply in the first two months of the year, suggesting a draw from strategic or commercial stockpiles. Although China does not publish exact inventory changes, analysts estimate them by comparing refinery throughput, imports, and domestic output.
Despite the March rebound, the Q1 figures raise concerns over the strength of crude oil demand in Asia, especially as OPEC and the IEA continue to project growth led by the region.
Key takeaways for the crude oil imports market:
- Asia’s Q1 2025 crude oil imports dropped by 640,000 bpd year-on-year.
- China’s March imports helped boost the region’s overall figures.
- Falling Brent crude prices incentivized buying during the quarter.
- Demand outlook remains uncertain amid signs of stockpile drawdowns.
This trend will be crucial to monitor as energy markets navigate a year filled with geopolitical shifts, economic volatility, and evolving supply dynamics.