As of 2023, China's crude oil imports stood at 55.75 million metric tons. The forecast from 2024 to 2028 indicates a steady annual increase in crude oil imports, starting at 57.57 million metric tons in 2024 and reaching 65.62 million metric tons by 2028. This represents a consistent yearly growth rate, with a compound annual growth rate (CAGR) of approximately 3.5%.
-Year-on-year growth is expected to hover around 3 to 4%, with steady rising volumes each year.
-Future trends to watch include the impact of China's economic policies, global oil price fluctuations, and the transition to renewable energy, which could alter import needs.
