China’s Declining Appetite for Oil Laid Bare by Iran War

Chinese imports of crude oil are set to drop to levels not seen since the pandemic, as the war in Iran reveals the extent to which demand has disappeared and may not be coming back.

Inbound shipments could fall to an average of 10.9 million barrels a day this year, according to London-based consultancy Energy Aspects Ltd. That would be the weakest since 2022, when the economy was stricken by lockdowns to prevent the spread of Covid-19. China’s daily imports averaged 11.6 million barrels in 2025, a figure inflated by the government’s drive to buttress energy security by hoarding crude.