China's Crude Oil Imports Reach 11.1 Mb/D in 2024, Down 1.9% from 2023

China's crude oil imports averaged 11.1 million barrels per day (Mb/D) in 2024, reflecting a modest 1.9% decline from 11.3 Mb/D in 2023. Following robust growth of 11.2% annually (CAGR) between 2002 and 2020, when imports rose from 1.4 Mb/D to 10.9 Mb/D, growth has generally leveled off. Between 2020 and 2024, imports grew at a slower annual pace of 0.5% (CAGR), signaling a maturing demand trend.