China's Crude Oil Imports Jump 22% in July to 8.45 Million Barrels a Day

China's crude oil imports reversed an earlier decline, rising 22 percent from June to an average of 8.45 million barrels a day (35.73 million tons total) in July 2026, Oilprice.com reported, citing Bloomberg, which cited Chinese customs data. China had cut total crude imports to a decade low in June, slashing volumes by roughly 4.4 million barrels a day versus the 2025 average.

According to U.S. Energy Information Administration estimates, China held the world's largest strategic oil stockpile at the end of 2025, at 1.397 billion barrels, more than the combined strategic reserves of the United States, Japan, OECD Europe, Saudi Arabia, South Korea, Iran, the United Arab Emirates and India. That cushion let China pause imports despite Middle East turmoil. Oilprice.com also cited a Reuters report that refiner Sinopec has boosted purchases of Russian ESPO crude for third quarter delivery to as many as 40 shipments, or 241,000 to 320,000 barrels a day.