China’s June oil imports hit near 10-year low amid Iran war
China imported 29.27 million tonnes of crude oil in June, or 7.12 million barrels per day, the lowest level since October 2016, according to customs data released on Tuesday.
After oil imports reached an eight-year low in May, imports fell another 12%, and the decline continued from May to June.
According to ship tracking company Vortexa, China’s seaborne crude oil imports stood at around 6 million barrels per day in June; Imports from the Middle East fell to their lowest level in a decade, and Iranian oil imports fell 40% month-on-month to below 800,000 barrels per day, according to ship tracking company Vortexa.
According to Chinese consultancy firm Oilchem, the utilization rate of China’s crude distillation units in June was 57.72%, decreasing by 3.28 points monthly and 13.09 points annually.
“Refinery operating rates were probably near the lowest level in the last 10 years due to weak domestic demand and refined oil products export restrictions. However, if refined product exports are eased, a partial recovery in production rates may be seen,” Vortexa analyst Emma Li said.
While China’s declining imports have freed up oil for other buyers, the market is also weighing a permanent loss of demand from China, as the sharp decline in fuel consumption after rising oil prices suggests China can live on less oil due to its massive EV fleet. Customs data also showed that natural gas imports rose 3.7% year on year to 10.9 million tonnes in June.
However, in the first half of 2026, natural gas imports decreased by 3.4% compared to the same period last year, falling to 57.45 million tons.
The data does not distinguish LNG from road-borne gas pipelines.
China’s exports of refined petroleum products amounted to 4.36 million tons in June.
In the first six months, China exported 23.59 million tonnes of refined petroleum products, down 13.2% year on year, due to export restrictions imposed in March to protect domestic supplies during the Iran war. (1 ton = 7.3 barrels of crude oil)
