China’s crude oil imports fell to their lowest level in more than eight years in May, as the ongoing Iran war disrupted supply and Beijing showed little urgency in sourcing replacement barrels.
Customs data showed imports dropped to around 33 million tons in May, equivalent to approximately 7.8 million barrels per day, the weakest figure recorded since October 2017.
That figure represents a sharp retreat from the average of roughly 11.6 million barrels per day China imported across 2025, underscoring the scale of the supply disruption now hitting the world’s largest crude importer.
Beijing has responded to the loss of most Persian Gulf barrels by leaning on export curbs, cutting refinery run rates, and drawing down its substantial strategic and commercial inventory stockpiles.
Those measures have helped cushion the blow to domestic fuel supply while simultaneously easing pressure on global crude prices, with analysts estimating that Chinese imports could remain subdued for months ahead.
State-owned refiners have slashed processing rates to record lows, while fuel exports remain constrained under wartime measures Beijing has implemented to preserve domestic energy supply.
According to commodity analytics firm Kpler, processors have increasingly relied on refinery-held inventories rather than seeking fresh imports, even as China has continued adding to its strategic petroleum reserves during the conflict.
Chinese purchases of Iranian crude, a critical feedstock for the country’s independent refiners, have also declined as tighter US sanctions and Washington’s blockade of Iran’s ports cut off a key supply channel.
Industry consultant JLC noted that refining margins have narrowed since late April, as processors worked through cheaper feedstocks purchased before the war began and faced higher replacement costs.
Product exports edged higher to 3.37 million tons in May, offering a modest sign of activity, but the figure remains at a multiyear low and reflects the broader constraints on China’s refining sector.
The confluence of supply disruption, margin pressure, and inventory drawdown paints a picture of a Chinese energy market navigating one of its most significant supply shocks in recent memory.
With no clear timeline for resolution of the Iran conflict, analysts caution that the structural shift in China’s import patterns could persist well into the second half of the year, with ripple effects across global crude markets.
