China’s crude oil purchases for June 2026

China’s crude oil purchases for June 2026 are shaping up to be unusually weak compared with historical norms, largely because refiners are cutting runs, drawing down inventories, and responding to high crude prices after the Middle East supply shock.

Key numbers

China’s seaborne crude imports fell to about 6.36 million barrels per day (bpd) in May, the lowest since 2016.

Market estimates suggest May–June imports are running around 6.5–6.6 million bpd, far below the roughly 11 million bpd China was importing before the Iran-related disruptions earlier in 2026.

Analysts expect Chinese refinery throughput to fall below 13 million bpd in June, extending a multi-month decline.

Why China is buying less

Refiners are cutting operations

State-owned and independent refiners have reduced processing rates because margins are weak and domestic fuel demand has softened.

Inventory drawdowns

China accumulated large crude inventories over the past several years and is now relying more on stored barrels instead of importing expensive cargoes.

Middle East supply disruptions

The conflict involving Iran and the effective closure of the Strait of Hormuz disrupted normal supply routes and pushed prices higher, making purchases less attractive.

Market impact

China’s reduced buying has become one of the biggest stabilizing forces in the global oil market. Lower Chinese demand has freed up cargoes for other Asian refiners and helped prevent an even larger spike in oil prices despite major supply disruptions.

Bottom line

For June 2026, China appears to be maintaining a strategy of reduced crude purchases and inventory usage, with imports tracking near 6.5 million bpd, roughly half the level seen earlier this year. The key question for oil markets is how long China can continue drawing on inventories before it has to return to the market and increase crude purchases.

As of June 2026, China’s crude oil storage levels are not officially disclosed, but multiple market and government-linked estimates indicate that China holds the largest oil inventory in the world, combining strategic and commercial reserves.

Estimated inventory levels**

Measure** Estimated volume

Total strategic + commercial crude inventories (end-2025 estimate) estimates (May–June 2026)

Estimated inventories in 1Q 2026 ~1.54 billion barrels

Current market estimates (May–June 2026) ~1.2–1.5 billion barrels

The U.S. Energy Information Administration (EIA) estimated China’s strategic oil inventories at 1.541 billion barrels in 1Q 2026, up from 1.397 billion barrels in 4Q 2025.

What happened in 2026?

China spent most of 2025 aggressively stockpiling crude oil, adding roughly 1.1 million barrels per day into storage while oil prices were relatively low. By December 2025, inventories had reached nearly 1.4 billion barrels, and stock building continued into early 2026.

After the February 2026 Iran conflict and the disruption of shipments through the Strait of Hormuz, China sharply reduced imports rather than compete for expensive replacement barrels. Imports fell from roughly 11.4 million bpd in February to around 6.4–6.6 million bpd in May–June. Analysts believe refiners have been relying heavily on stored crude to offset reduced imports.

Are reserves being drawn down?

Evidence is mixed:

Reuters analysis suggests Chinese refiners are likely consuming commercial inventories, though not necessarily tapping deeply into official strategic reserves yet.

Some market analysts believe China has begun using portions of its “hidden” reserves to stabilize domestic supply while keeping imports low.

China’s government has simultaneously emphasized the need to expand strategic reserve capacity, suggesting Beijing still views inventory accumulation as a priority.

How long could China sustain reduced imports?

Based on estimates of 1.2–1.5 billion barrels in storage and current refinery demand, analysts believe China has one of the world’s largest energy buffers. Several market assessments suggest that even after recent drawdowns, inventories remain well above pre-2025 levels.

Bottom line

The best current estimate is that China holds roughly 1.3–1.5 billion barrels of crude oil in strategic and commercial storage as of June 2026, despite recent inventory usage. Because China does not publish comprehensive stockpile data, all figures are model-based estimates from organizations such as the EIA, Kpler, Vortexa, and other energy market trackers.

By ZTRone Resources team