China's seaborne crude oil imports reach about 7.8 million barrels a day in July, rebounding from a more than decade low

Preliminary data from an energy cargo tracking firm, published by Mehr News Agency on Monday, 27 July 2026 (5 Mordad 1405) citing Bloomberg, show China's seaborne crude oil imports averaging about 7.8 million barrels a day in July 2026. That compares with a daily rate of 6.2 million barrels in June, a marked increase.

China's oil imports had fallen in June 2026 to their lowest level since November 2015, and were also visibly below the levels seen before the start of the war in Ukraine. According to the report, the two main drivers of the recent rebound are faster movement of oil cargoes through the Strait of Hormuz and increased buying of Russian supply by Chinese refiners. The report stresses it is not yet clear whether the upward trend will continue in the months ahead or prove to be a temporary fluctuation.

The data matter for Iran through two channels: China is the largest buyer of Iranian crude, and the pace of tanker transits through the Strait of Hormuz, identified in the report as the driver of China's import rebound, is the same variable that has been moving world oil prices and Iran's currency market in recent weeks.