Monthly data from China’s General Administration of Customs indicate that China imported just 8.1 million bpd of crude oil in 2Q26, 32% less than the previous quarter. In May and June, imports fell below 8.0 million bpd for the first time since 2016.
China’s recent decrease in crude oil imports contrasts with record-high imports before the conflict around the Strait of Hormuz. China imported an annual record of 11.6 million bpd of crude oil in 2025, expanding its strategic oil stocks at a time when crude oil prices were the lowest since 2020. In 2H25, when crude oil prices were lowest, China imported an average of 12.0 million bpd, a level sustained through February 2026.
Most crude oil imports into China arrive by tanker, and tanker traffic data from Vortexa suggest the decrease in imports was from waterborne movements rather than pipeline imports, which the EIA estimate remained stable. The largest decreases in waterborne imports between 1Q26 and 2Q26 were from Iraq (910 000 bpd), Russia – China’s top source of imports – (640 000 bpd), and the UAE (600 000 bpd).
China reduced its imports of crude oil more than refiners reduced processing crude oil, suggesting crude oil inventory draws. China’s refineries processed 2.2 million bpd less crude oil in 2Q26 than in 1Q26, compared with a 3.9 million bpd drop in imports.
In 2Q26, EIA estimate record-high global inventory draws of 5.1 million bpd that would have been even larger if global demand had not decreased.