China’s crude imports fell to an eight‑year low in May, dropping to about 33 million tons or 7.8 million barrels a day, the lowest level since October 2017. The decline follows the Iran war, which disrupted Persian Gulf supply lines and left Beijing scrambling for alternatives. Customs data show the country averaged 11.6 million barrels a day in 2025.

State‑owned refiners have cut processing rates to record lows, while refinery‑held inventories absorb the shock of missing Gulf barrels. Fuel exports remain capped under wartime measures aimed at preserving domestic supply, and gasoline and diesel sales fell double‑digit in April as higher crude prices and a shift toward electric vehicles weigh on consumption.

The dip in imports has eased global price pressure, but analysts warn China’s appetite may stay muted for months as it relies on strategic reserves and older feedstocks. Product exports rose slightly to 3.37 million tons, yet remain at a multiyear low, underscoring the broader impact of the war on the world’s largest crude buyer. This contraction forces refiners to tighten margins and could prompt a reevaluation of supply contracts across Asia.