China's crude oil imports fell in the second quarter

China cut back sharply on crude oil imports in the second quarter of 2026, buying 8.1 million barrels a day, 32% less than the first quarter. In May and June, imports dropped below 8 million barrels a day for the first time since 2016. This followed a spike in oil prices caused by disruptions in the Strait of Hormuz, a key shipping route for oil. The pullback marks a sharp reversal from 2025, when China imported a record 11.6 million barrels a day while prices were at their lowest since 2020, building up its stockpiles.

The drop came almost entirely from imports arriving by tanker rather than pipeline, with the biggest declines from Iraq, Russia, and the UAE. Russia remains China's top source of crude oil overall. Because China cut its imports by more than its refineries cut their processing of oil, the country appears to have been drawing down some of the oil it had stockpiled rather than running short.

For homeowners, this is a story about global oil markets rather than anything requiring immediate action at home. It matters mainly because China is the world's largest oil importer, so its buying habits influence global oil prices, which in turn affect the cost of gasoline and heating oil. By buying less, China softened some of the price pressure that the Strait of Hormuz disruption would otherwise have caused. Worldwide, oil inventories fell at a record pace in this period, a sign that global supply and demand remain tight even as this one buyer stepped back.