China's crude imports pull away from a decade low in July as Russian and Persian Gulf barrels rise

China's crude oil imports are pulling away from a decade low in July 2026. Bloomberg reported on 27 July 2026 (5 Mordad 1405), citing preliminary data from ship-tracking firm Kpler, that the country's seaborne imports are running at an average of about 7.8 million barrels a day this month, after a drop that had taken the figure to its lowest level in more than a decade the month before.

The same data point to two drivers of the rebound: heavier oil flows through the Strait of Hormuz and larger purchases of Russian crude by Chinese refiners. Russian inflows are up about 10 percent and have reached roughly 1.4 million barrels a day so far in July. Saudi shipments have more than doubled this month, and flows from the United Arab Emirates have risen more than tenfold.

China is the largest buyer of Iranian crude, and the independent "teapot" refiners of Shandong province are the main takers of discounted Iranian cargoes. That makes the composition of the rebound important: a recovery sourced mainly from Russian and Persian Gulf barrels does not necessarily translate into better export volumes or foreign-currency earnings for Iran.