China's crude oil imports declined for another month in June, according to customs data cited by a single report. The import level is now more than 40% below June 2025. The drop is attributed to a ban on refined fuel exports that kept refinery runs low, but the trend is expected to reverse in July as the export ban is lifted.
China's crude oil imports fell for a second consecutive month in June, according to customs data cited by a single report. The import level is now more than 40% below June 2025, reflecting suppressed demand that has helped keep a lid on the global oil rally.
The decline is attributed to a ban on refined fuel exports that forced Chinese refineries to operate at reduced run rates, thereby lowering crude import needs. However, the report notes that the trend is expected to reverse in July, as the refined fuel export ban has finally been lifted.
The Zioneer has previously reported on related trends: a single report indicated convoys of fuel tankers from China heading to Russia (June 23), and Russia began importing fuel by sea in June due to a gasoline shortage caused by Ukrainian strikes on refineries (June 17). Separately, Iran's oil exports have fluctuated sharply — plummeting 84% in May (June 5) before a reported surge of 40 million barrels since June 15 (June 25). These developments are part of a broader realignment in global energy flows, though the China import data is based on a single source and remains unverified by additional outlets.
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