China, meanwhile, reported March oil imports of over 12 million barrels daily, which was the highest import rate since August 2023, and came thanks to a ramp-up in purchases from Iran and Russia as traders found ways around the latest U.S. sanctions on both exporters. China’s crude oil imports over the first two months of the year fell by 5% compared to the same period of 2024 as the farewell round of sanctions that the Biden administration imposed on Russian energy affected international flows.
