China's June oil imports hit near 10-year low amid Iran war

China’s June crude imports fell 41.3% to the lowest in nearly a decade, as refinery run rates hit a ten-year low. The decline reflects weak domestic demand and export curbs on refined oil products imposed to safeguard energy security amid the Iran war. This suggests tightened refined-oil supply dynamics and downside pressure on crude demand expectations.

Analysis

China’s June crude imports fell 41.3% to the lowest in nearly a decade, as refinery run rates hit a ten-year low. The decline reflects weak domestic demand and export curbs on refined oil products imposed to safeguard energy security amid the Iran war. This suggests tightened refined-oil supply dynamics and downside pressure on crude demand expectations.