China's crude oil imports saw a significant rise of 15.8% compared to the same period last year, as refiners ramped up their processing activity and increased stockpiling efforts. The total imports for January and February were 96.93 million metric tons, averaging around 11.99 million barrels per day (bpd).

The data, released to smooth out the impact of the Lunar New Year holiday, indicated that refinery capacity utilization was at 71.3% in January and increased to 73.2% in February, both higher than the previous year's figures. Analysts attributed the boost in imports to robust refining throughput as well as an inventory increase estimated at around 12 million barrels.

Seaborne crude imports notably increased, with January averaging 10.88 million bpd—up 2.1 million bpd from a year ago—while February saw an increase to 11.47 million bpd, marking an upturn of 1.7 million bpd year-on-year.

Additionally, the report highlighted a surge in shipments from Russia, nearly doubling from last year, as lower prices became available after India reduced its purchases. Imports from Iran also rose slightly as alternatives to Venezuelan crude.

Furthermore, refined oil product exports, including diesel and gasoline, increased by 12.7% year-on-year to 8.13 million tons during the same timeframe. Conversely, natural gas imports slightly decreased by 1.1%, totaling 20.02 million tons.

This surge in crude imports illustrates China's strategic approach in stocking up on oil amid geopolitical tensions affecting global energy markets. As the world's largest oil importer, such increases are pivotal for maintaining energy security in turbulent times.