China base oil imports surge yet exports plunge in Mar

China base oil imports surged 36% in March 2026 while exports plunged 41%, pushing net imports higher. Both are expected to drop in April due to geopolitical conflicts and shipping disruptions.

China's base oil trade diverged notably in March 2026: imports rose sharply while exports dropped, pushing net imports higher and shifting supply focus to the domestic market. Hit by geopolitical conflicts and shipping disruptions, base oil imports and exports are both set to decline in April. Figure 1 China Base