A Glance of China Oil Market 20260202

Weekly News

China's refinery maintenance slows while refined oil surplus looms in 2026

China's state-owned refineries are expected to see less intensive maintenance in 2026, based on OilChem's survey, while the planned crude throughput has been largely flat compared with 2025. Among independent refineries, new projects coming on stream is likely to bring additional production, putting pressure on market supply especially when the demand keeps contracting. Read Full Story

China's 2025 NGT sales hit new high, yet slower than NEVT market

In 2025, China's natural gas heavy-duty truck sales marked a new high, rising by 12% year-on-year to 198,700 units. While, its growth still lagged far behind the 181.75% surge in sales new-energy heavy-duty trucks, demonstrating domestic heavy-duty truck market reaching a critical turning point in its energy transition. From August 2025, China's natural gas heavy-duty truck market entered a phase of sustained year-on-year growth for five consecutive months. Although December sales declined by 35% month-on-month to 12,500 units, it still achieved a 31% year-on-year increase, reflecting continued steady growth. However, the new energy heavy-duty truck market showed even stronger momentum. Read Full Story

China's LPG imports from Russia double in 2025

China's liquefied petroleum gas (LPG) imports from Russia doubled to a new high in 2025, with total annual imports hitting 937,700 tonnes, a staggering year-on-year increase of 167.37%. This imports are expected to remain upward in 2026 amid ongoing Western sanctions on Russian energy, Russia's strategic pivot to Asian markets, expansion of China's import hubs, and deepening China-Russia relations. By month, import volumes grew consistently from January to May, especially in April, when the Sino-US reciprocal tariff increases raised the cost of US LPG. Read Full Story