July 18, 2026 [ Energyintel ]- China’s crude oil imports fell sharply in May 2026 to 7.8 million bpd, the lowest in over eight years, down 28% from April.

Refineries proactively cut spot purchases and suspended contracts to hedge high prices caused by Middle East tensions and Hormuz disruptions.
 
High strategic and commercial inventories enabled drawdowns, while port saturation limited new unloadings.
 
Domestic factors include weakening refined fuel demand from EVs and electrification, plus rising coal-to-chemicals substitution.
 
The drop reflects a strategic pivot to active import management for cost control, global pricing influence, and greater energy security.
 
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