BUSINESS

China’s Crude Oil Imports Plunge to Near-Decade Low

By Lu Guoping

Published: Jul. 15, 2026 12:22 p.m. GMT+8

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An oil tanker docks at Qingdao Port in Shandong province to unload imported crude oil. Photo: VCG

China’s crude oil imports plummeted 41.3% year-on-year in June to their lowest monthly level in nearly a decade.

Inbound shipments dropped to nearly 29.3 million tons last month, extending a 29% year-on-year decline in May, data from the General Administration of Customs showed on Tuesday. The June volume represented a daily reduction of 4.9 million barrels from a year earlier, marking the weakest month since October 2016.

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Explore the story in 30 seconds

China's crude oil imports fell 41.3% YoY in June to 29.3 million tons, the lowest since October 2016.
Decline driven by Middle East war, rapid EV adoption, and domestic chemical production.
Global oil demand dropped 5 million barrels/day in Q2 2026, with 90% loss temporary per Goldman Sachs.

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Who’s Who

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What Happened When

2024：: National gasoline and diesel stockpiles have been at their highest levels since this year as of July 2026.

April 2026：: Gasoline and diesel demand in China began falling by 10% to 13% year-on-year, ongoing as of July 2026.

May 2026：: China's crude oil imports declined 29% year-on-year; average crude import prices rose 60% to $111.1 per barrel.

June 2026：: China's crude oil imports plummeted 41.3% year-on-year to 29.3 million tons, the weakest monthly level since October 2016; average crude import prices rose 55% to $105.4 per barrel.

July 3, 2026：: Operating rates for methanol and urea plants reached 103.8% and 102.1%, respectively, according to Mysteel data.

July 2026 (second quarter)：: Global oil demand dropped by 5 million barrels per day; Daan Struyven of Goldman Sachs noted about 90% of the loss was temporary and raised the question of whether China's demand drop was a temporary pullback or lasting shift.

As of July 2026：: China's crude inventories hovered at a three-year low; national gasoline and diesel stockpiles at their highest since 2024; refinery operating rates falling with broadly negative margins.

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