China’s crude oil imports fell in the second quarter

In the second quarter of 2026, China's crude oil imports dropped significantly, according to data from the General Administration of Customs. The country imported a mere 8.1 million barrels per day of crude oil, a 32% decline compared to the previous quarter. This reduction in imports occurred from May and June, marking the first time in years that imports fell below 8.0 million barrels per day.

The decline in Chinese imports came amid persistently high crude oil prices, which were driven by disruptions in the Strait of Hormuz. The country's imports had set a record of 11.6 million barrels per day in 2025, but this figure had dropped sharply by 2026.

China, being the world's largest importer of crude oil, typically sources its oil through tankers. Vortexa's tanker traffic data indicated that the decrease in imports was primarily due to reduced waterborne movements. The largest decreases were observed in imports from Iraq, Russia, and the UAE.

Meanwhile, China's refineries processed 2.2 million barrels less crude oil in 2Q26 compared to 1Q26, while imports dropped by 3.9 million barrels. These figures suggest that the reduction in imports was primarily due to inventory draws by refineries. In the second quarter, global inventory draws reached record highs of 5.1 million barrels per day, a figure that would have been even higher if global demand had not decreased.