China’s Crude Imports Bounce Back After Historic June Slump

China's crude oil imports rebounded 22% from June to an average of 8.45 million barrels daily, totaling 35.73 million tons, according to Bloomberg data citing customs figures. In June, China slashed its total crude oil imports to a ten-year low, following three months of minimal import levels amid high prices and limited supply from the Middle East.

Beijing's reduced import volumes were a staggering 4.4 million barrels daily less than the 2025 average. This was possible because China had the world's largest oil stockpile at 1.397 billion barrels by the end of 2025, surpassing the combined strategic reserves of the United States, Japan, OECD Europe, Saudi Arabia, South Korea, Iran, the United Arab Emirates, and India.

The substantial supply cushion enabled China to play a crucial role in maintaining stable global oil prices, as the largest importer could temporarily halt imports during Middle East turmoil. However, analysts cautioned that China would eventually return to international markets, which would be unfavorable for oil bears. Sinopec, the world's leading refiner by capacity, has increased purchases of Russia's Far East crude for delivery in Q3, ranging from 241,000 to 320,000 barrels daily, to secure shipments due to continued shipping constraints in the Middle East.