China's oil imports plunge 40 percent, keeping a lid on energy prices

China's oil imports plunge 40 percent, keeping a lid on energy prices Submitted by MEE staff on Wed, 07/15/2026 - 17:30 China's oil imports plunged to a near decade low in June A general view of the crude oil refinery, Sinopec Jinling Petrochemical Plant, in Nanjing, China, in the eastern Jiangsu province, on 8 May 2026 (Hector Retamal/AFP) Off China’s crude oil imports in June hit their lowest level in a decade, marking a major plunge that has helped keep energy prices contained amid escalating fighting between the US and Iran in the Strait of Hormuz. Chinese customs data released on Tuesday said crude imports hit 29. 27 million tonnes year to year, marking a 41 percent drop.