Chinese Oil Imports May Never Fully Recover From Iran War
Chinese crude imports have dropped to their lowest level since 2018. The decline is driven by the war with Iran, weak margins, and a rise in electric vehicle use. China has increased its reliance on strategic reserves to offset reduced Middle Eastern purchases.
What changed
Current data confirms imports have hit a decade low as of June 2026.
Live updates
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China Crude Oil Imports Hit Decade Low in June 2026
confidence 90%Chinese crude imports have dropped to their lowest level since 2018. The decline is driven by the war with Iran, weak margins, and a rise in electric vehicle use. China has increased its reliance on strategic reserves to offset reduced Middle Eastern purchases.
What's confirmed:
- China crude oil imports reached a decade low in June 2026.
- Chinese crude imports have fallen to their lowest level since 2018.
- The decline in imports is linked to the war with Iran and surging electric vehicle demand.
Still unconfirmed:
- China state refiners are considering resuming Iranian oil imports.
- China accounted for approximately 90% of Iranian oil exports with imports reaching 1.8 million barrels per day in March 2025.
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Chinese Oil Imports May Not Fully Recover Following Iran War
confidence 85%Analysts suggest the war with Iran accelerated a permanent shift away from gasoline and diesel in China. Increased electric vehicle adoption is cutting long-term fuel demand. Crude imports have fallen significantly from pre-war levels.
What's confirmed:
- The conflict with Iran accelerated a permanent shift away from transport fuels like diesel and gasoline.
- China's oil imports are falling due to a shift toward electric vehicles.
- China's crude oil imports dropped to 7.8 million bpd.
- A framework ceasefire agreement exists between Washington and Tehran.
Still unconfirmed:
- JPMorgan says China will return as a major oil buyer in August.