China's Crude Imports Fall to 10.9 Million Bpd as Iran War Exposes Weak Demand
Updated
Updated · Bloomberg · May 28
China's Crude Imports Fall to 10.9 Million Bpd as Iran War Exposes Weak Demand
4 articles · Updated · Bloomberg · May 28
10.9 million barrels a day — China’s crude imports are projected to average that level in 2026, the weakest since 2022’s Covid-lockdown slump.
Energy Aspects said the war in Iran has laid bare how much Chinese oil demand has faded, suggesting some of that lost consumption may not return.
11.6 million barrels a day in 2025 had been propped up by state stockpiling, when Beijing boosted crude purchases to strengthen energy security.
The drop points to a sharper underlying demand slowdown in the world’s top crude importer once emergency buying and inventory hoarding fade.
Is China's green transition, not war, the real reason its oil demand is plunging?
What lasting economic damage will the unprecedented Hormuz supply shock leave on the world?
Can the fragile US-Iran deal truly stabilize global energy markets after the Hormuz blockade?
China's Crude Oil Imports Plunge 53% in April 2026: Geopolitical Shocks, Market Turmoil, and the Acceleration of Energy Transition
Overview
In April 2026, China's crude oil imports dropped sharply due to escalating geopolitical tensions and a tightening global energy market. The main cause was the outbreak of war in Iran, which disrupted the vital Strait of Hormuz and created major challenges for China's oil supply. As a result, China's oil import bill surged dramatically, leading to immediate economic repercussions. The ongoing conflict has kept risks to energy production and trade in the Middle East exceptionally high, making it difficult for China to maintain stable oil imports and increasing financial pressure on its economy.