China’s Oil Imports Plunge as Higher Prices Hit Demand

China, the world’s largest crude oil importer, cut its crude imports by 32% in the second quarter of 2026 to 8.1 million barrels per day, as higher oil prices tied to disruptions in the Strait of Hormuz reduced demand. Imports from major suppliers including Russia, Iraq, and the UAE fell sharply, while refinery activity declined less than imports, indicating China drew down its oil inventories instead of buying more crude.

The decline in Chinese imports helped offset supply disruptions in global oil markets, easing upward pressure on prices, according to the US Energy Information Administration (EIA). Even so, global oil inventories fell by an estimated 5.1 million barrels per day during the quarter, highlighting the tight balance between supply and demand.