Key facts
- China's crude oil imports increased by 22% in July compared to June.
- Daily average imports in July reached 8.45 million barrels.
- June imports represented a decade low, with daily reductions of an estimated 4.4 million barrels.
- China held the world's largest oil inventory stockpile, estimated at 1.397 billion barrels at the end of 2025.
- Sinopec has increased purchases of Russian ESPO crude for July-September delivery.
China's crude oil imports saw a significant rebound in July, increasing by 22% from the previous month to an average of 8.45 million barrels per day, according to customs data cited by Bloomberg. This surge follows a historic slump in June, when imports hit a decade low amid high prices and constrained Middle Eastern supply.
The country's ability to drastically reduce imports in June was attributed to its substantial oil inventory stockpile, estimated by the U.S. Energy Information Administration at 1.397 billion barrels at the end of 2025. This cushion allowed China to temporarily reduce its buying, which analysts believe helped keep a lid on global oil prices despite geopolitical tensions.
However, the return to international markets was anticipated. In line with this, Sinopec, the world's largest refiner by capacity, has reportedly increased its purchases of Russian crude oil for delivery in the third quarter. The company has acquired between 30-40 shipments, or 241,000 to 320,000 barrels per day, of Eastern Siberia-Pacific Ocean (ESPO) crude for July through September.