China's crude imports hit 33 million tons amid Iran conflict
China's crude oil imports dropped sharply in May 2026, down to 33 million tons, or 7.8 million barrels a day, a level not seen since 2017.
The main reason? Ongoing conflict in Iran has disrupted supply lines, and that is a big deal for China, which usually brings in much more.
Chinese refineries slow operations, draw inventories
To deal with less oil coming in, China is cutting back on exports, slowing down refinery operations, and relying on refinery-held inventories.
Refineries are using up what they already have instead of buying more.
At the same time, high prices and more electric vehicles mean people are using less fuel at home.
Even though product exports went up a bit last month, they are still way below normal—showing just how tough things are for the country's oil sector right now.