China's crude oil imports declined to their lowest level since 2018 as of 24 June 2026, driven by weaker domestic demand and ample inventory levels, according to Oilprice. The decline coincides with China's independent refineries, concentrated in Shandong province, cutting operating rates to 50.5% — the lowest since August 2017 — as elevated feedstock costs, soft domestic fuel demand, and export restrictions compressed refinery margins. Bloomberg Markets additionally reported that reduced access to Iranian crude, amid ongoing US-Iran tensions, contributed to the operational cutbacks at independent refiners.
The import contraction and refinery run-rate reductions directly affect global crude benchmarks. Brent crude and WTI are the principal pricing references for the cargoes China has pulled back from purchasing, making both benchmarks sensitive to shifts in Chinese demand volumes reported in this data.
On the diplomatic side, initial US-Iran talks held in Switzerland concluded with both parties committing to reach a final agreement within 60 days, though Oilprice noted that skepticism persists over unresolved issues relating to nuclear technology and Strait of Hormuz transit rights — factors that bear directly on Iranian crude availability to Chinese independent refiners.
Sources: Oilprice, Bloomberg Markets