China is poised to increase oil imports through early January, with ship-tracking data showing the largest fleet of supertankers heading to the country since the start of the Iran war.
Some 96 vessels each able to haul 2 million barrels of crude are due to reach the Asian nation’s ports over the next 90 days, the most since the end of February, according to tanker-tracking data compiled by Bloomberg. It was the third successive advance in the weekly count.
Traders have been keeping a close eye on how much oil China is buying since the beginning of the conflict. Earlier in the year, the world’s largest crude importer slashed its purchases, helping to ease global supply pressures and limiting the price impact from the conflict that effectively closed the vital Strait of Hormuz.
Crude flows through the waterway, which connects the Persian Gulf to international markets, have recovered to near pre-war levels in recent weeks despite continued attacks on ships.
Any sustained resurgence in China’s appetite could affect prices. Still, it’s unclear whether China’s crude buying will fully return or remain subdued through year-end, as some analysts have suggested. Supertanker flows to the country remain lower than prewar levels, with 111 vessels making the journey at this time in 2025.
Click here for Bloomberg’s latest weekly supertanker tracker. The data on supertankers changes regularly as deliveries are completed and new bookings are made.