China’s crude oil imports fell sharply to 6.7 million barrels per day (bpd) in May, marking the lowest level in a decade, as weaker domestic demand, refinery run cuts and ample inventories reduced buying from the world’s largest oil importer.
Bloomberg reported that the decline compares with China’s average seaborne crude imports of around 10.4 million bpd in 2025, underscoring a significant pullback in procurement amid shifting supply dynamics and subdued refining activity.
According to data intelligence firm Kpler, the drop reflects a combination of elevated refinery stockpiles and reduced throughput, with refiners relying more heavily on existing inventories rather than fresh cargoes.
Strategic petroleum reserves are estimated to have risen by about eight million barrels since the start of recent geopolitical tensions, while refinery-held stocks fell by roughly 15 million barrels in May, suggesting internal buffering rather than new import dependence.
Refinery activity has also softened, with throughput expected to hover around 13 million bpd in May and June, a level last seen during the pandemic-era downturn in 2020, according to estimates from Kpler and Energy Aspects.
Independent refiners and state-linked processors have both reduced runs amid weak margins and uncertainty over crude availability.
The pullback has had broader implications for global oil markets. Analysts say China’s reduced appetite has helped offset supply disruptions linked to geopolitical tensions in the Middle East, effectively cushioning the market from upward price shocks.
For now, China’s softer demand is acting as an unexpected stabiliser for global oil markets — even as it raises questions about the underlying strength of fuel consumption in the world’s second-largest economy.
