According to Chinese customs data, the country's crude oil imports collapsed to 29.27 million tons in June, equivalent to approximately 7.12 million barrels per day. The month-over-month decline of 41.3% from the prior year marks the lowest import volume recorded since October 2016, signaling a dramatic pullback in China's appetite for foreign crude supplies.
The sharp contraction reflects tightening global supply chains, particularly disruptions affecting flows through the Strait of Hormuz, which has pushed international crude prices higher. The elevated price environment has made petroleum purchases increasingly expensive for Chinese refiners, prompting many to reduce purchase volumes or delay orders until conditions improve.
The import slowdown underscores the sensitivity of China's energy sector to geopolitical pressures and commodity price fluctuations. As one of the world's largest crude consumers, any significant shift in China's buying patterns carries implications for global oil markets and pricing dynamics across downstream industries.