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As global oil prices wallow near multi-year lows, China has been ramping up its crude imports. Reuters estimates that local buyers imported over 31 million tons of crude oil in December, representing an increase of 10 percent month-on-month. For the whole of 2014, imports rose 9.5 percent to 310 million tons, according to a spokesperson with the General Administration of Customs Tuesday.

Two factors explain China's eagerness to import. First, importers are taking advantage of low prices to expand the strategic petroleum reserve (SPR). According to a report released this month by China National Petroleum Corporation, China's reserves stood at 140 million barrels by the end of 2013. Authorities plan to raise the SPR to 600 million barrels by 2020.

Second, current prices will result in considerable savings for importers. China has grown increasingly dependent on foreign oil. Statistics show that about 59.6 percent of China's oil consumption in 2014 came from imports, up from 58.1 percent in 2013. This rising reliance on overseas supplies has come with a cost. Current prices though could shave tens of billions of dollars off the country's import bill.