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

According to Chinese customs data reported by Reuters and published by Oilprice.com on Monday, August 17, 2026 (26 Mordad 1405), China's crude oil imports jumped 22 percent in July from June to an average of 8.45 million barrels a day, rebounding from a decade low recorded in June. The increase came as China released weaker than expected economic data: July retail sales rose just 0.6 percent year on year, below a Reuters poll estimate of 1.5 percent, while industrial output grew 4.5 percent, short of a 4.8 percent forecast.

The report said China, the world's largest crude importer, has been taking advantage of lower oil prices to stockpile reserves, a cushion that lets it pull back on imports if prices spike or supply is disrupted, a capacity analysts say has played a key role in capping global oil prices amid the West Asia crisis.