China's Crude Oil Imports Fell to a Decade Low in June as the Hormuz Crisis Cut Demand

China's crude oil imports fell 41.3% year-on-year in June 2026 to 29.27 million tonnes, or about 7.12 million barrels per day, according to the country's official customs data, the lowest level since October 2016. The sharp drop in tanker traffic through the Strait of Hormuz amid the escalation of US-Iran hostilities, the resulting price surge, and refiners' reduced appetite for costly crude were cited as the main causes.

Iran has historically supplied about 13% of China's seaborne crude imports, and independent "teapot" refiners in Shandong province are the main buyers of discounted Iranian oil. Analysts say Beijing drew down its accumulated stockpiles rather than buying at elevated spot prices.