Story perspectives

China’s Crude Imports Plunge 41% Amid Record Aluminum Export

7/15/2026

Summary

China Crude Decline

China's crude oil imports fell 41.3% YoY to 29.27 million tons in June, the lowest level since October 2016.
Processing volumes dropped 18% YoY to 51.24 million tonnes, the smallest amount since March 2020.
Natural gas imports rose 3.7% to 10.93 million tons, a five-month high, while coal imports jumped 30% to 42.78 million tons.
Fertilizer exports fell 48% YoY to 2.23 million tons, the lowest since April 2024, while aluminum exports rose 45% to a record 711,000 tons.

Summary

Aramco Cuts Prices

Saudi Aramco cut Arab Light prices by $4 for June, $6 for July and $11 for August, a $1.50 discount to the Oman-Dubai benchmark.
Two Chinese refiners did not nominate any term cargoes for August amid weak demand.
Shenghong Petrochemical bought about 12 million barrels of Iraqi, Abu Dhabi and Saudi crude for July.
China’s strategic petroleum reserves rose by 8 million barrels as commercial inventories fell about 15 million barrels.

Summary

China Caps Exports

China started vessel-by-vessel approval and strict quota limits for refined oil exports in May to curb domestic crude outflows.
Overall gasoline and diesel use fell 2.4% and 4.4% year-on-year as electric-vehicle adoption and electrified logistics expanded.
Near-saturation of port storage prompted an orderly release of reserves and limited new crude berthing.
The reduced crude imports serve cost control, reserve replenishment and geopolitical aims to curb speculation and increase pricing power.

History

Historical Context

During the 2008 crisis, the IEA recorded global refinery use at 71% and China’s crude imports fell 30% to 71 million tonnes, while the U.S. Strategic Petroleum Reserve took in 30 million barrels. OPEC then cut output, and Saudi Aramco trimmed Arab Light prices. Today’s Chinese curbs and Beijing’s export quotas echo those 2008 inventory-building moves.

1 of 4

China Crude Decline

China's crude oil imports fell 41.3% YoY to 29.27 million tons in June, the lowest level since October 2016.
Processing volumes dropped 18% YoY to 51.24 million tonnes, the smallest amount since March 2020.
Natural gas imports rose 3.7% to 10.93 million tons, a five-month high, while coal imports jumped 30% to 42.78 million tons.
Fertilizer exports fell 48% YoY to 2.23 million tons, the lowest since April 2024, while aluminum exports rose 45% to a record 711,000 tons.

1 / 4