BUSINESS

Hormuz Supply Shock Reshapes China’s Energy Trade

Published: Apr. 20, 2026 11:54 p.m. GMT+8

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An oil tanker unloads imported crude oil at a crude oil terminal of Qingdao Port in Qingdao, Shandong province, on March 25, 2026. Photo: VCG

China’s crude oil imports from six Gulf states fell 25% from a year earlier in March as conflict between the U.S. and Iran led to a blockade of the Strait of Hormuz.

The sharp supply shock highlights the vulnerability of global energy trade to tensions in the Middle East, pushing the world’s largest oil buyer to shift aggressively toward alternative suppliers such as Russia and Indonesia. China’s total crude imports reached 362 million barrels for the month, down 2% from a year earlier.

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China's crude imports from six Gulf states fell 25% YoY to 122.6M barrels in March amid Strait of Hormuz blockade from US-Iran conflict.
Total crude imports down 2% to 362M barrels; Russia rose 13.3% to 74.5M, Indonesia surged to 40.6M barrels.
LNG imports fell 19.2% to 3.95M tons; Qatar down 42.8% to 988kt, Australia top at 1.1M tons.

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