China's Crude Imports Sink to 6.78 Million Bpd as Price Surge Drains Stockpiles
Updated
Updated · OilPrice.com · May 31
China's Crude Imports Sink to 6.78 Million Bpd as Price Surge Drains Stockpiles
4 articles · Updated · OilPrice.com · May 31
6.78 million barrels per day of crude imports are estimated for China in May, down from 8.5 million in April and marking the lowest monthly level in nearly 10 years.
Kpler said refiners cut overseas purchases as the Middle East war drove prices higher, leaning on inventories instead; refinery runs averaged 13.5 million bpd, only 154,000 bpd below April.
That gap suggests stockpiles are being drawn to cover resilient fuel demand, even though some independent "teapot" refiners may cut rates further because crude remains far costlier than before the conflict.
Buying options are also narrowing: China faces a 22.5% tariff on U.S. crude, restrictions on Venezuelan oil, and Russian waiver-covered barrels may run out by mid-June amid competition from India.
A rebound in Chinese imports could hit in July or August, when the IEA has warned the Middle East supply crisis may enter a "red zone," potentially tightening global oil markets sharply.
How long can China's 'stealth' reserves delay the inevitable global oil price explosion?
Could this crisis reshape the world's energy map and fast-track the end of the oil age?
With experts predicting both resilience and collapse, what critical factor will ultimately decide the market's fate?
China’s Strategic Oil Reserves Cushion 2.3 Million b/d Import Drop as Strait of Hormuz Closure Roils Global Markets
Overview
In April 2026, China’s crude oil imports dropped sharply due to the closure of the Strait of Hormuz, which disrupted global oil supply chains and pushed prices higher. Facing these elevated prices, Chinese refiners chose to cut back on new imports and instead relied on the country’s large oil reserves. This strategy was supported by the expectation that prices would fall once the Strait reopened. As a result, the market showed resilience by drawing on existing inventories, helping to stabilize China’s domestic market even as global supply remained tight and uncertain.