China Crude Oil Imports Fall 41 Percent in June but Stockpiles Prevent Shortages

Chinese crude oil imports totaled 29.27 million tons, or 7.12 million barrels per day, in June 2026. The volume marked a 41.3 percent decline from June 2025 and the lowest level since October 2016, according to official Chinese customs data reported by OilPrice.com. Imports fell an additional 12 percent from May 2026, extending a slide that had already brought May volumes to an eight-year low.

com reported citing Oilchem data via Reuters. com reported that China had built an estimated 1.2 billion to 1.3 billion barrels of commercial and strategic reserves in the year before the Iran war began. Those stockpiles and the ability to reduce imports have limited price spikes despite the loss of more than 10 million barrels per day of flows through the Strait of Hormuz.