Chinese Refinery Runs Slump 17.7% to 12.47 Million Bpd, Hitting 6-Year Low
Updated
Updated · OilPrice.com · Jul 15
Chinese Refinery Runs Slump 17.7% to 12.47 Million Bpd, Hitting 6-Year Low
3 articles · Updated · OilPrice.com · Jul 15
Summary
12.47 million bpd of crude was processed in China in June, down 17.7% from a year earlier and the weakest refinery throughput since March 2020, official statistics showed.
29.27 million tons of crude imports—about 7.12 million bpd—arrived in June, a 41.3% annual drop and the lowest level since October 2016, squeezing feedstock supply as Strait of Hormuz disruptions lifted prices.
Run rates fell below 60% in June from 66.3% in May, with refiners stepping up maintenance and idling units to limit losses amid weak domestic fuel demand and expensive crude.
Consultancies expect throughput to decline again in July as constrained Middle East supply and soft margins persist, extending a pullback already deepened by June inventory draws.
Has Beijing’s oil stockpile become a more potent weapon than Riyadh’s spare production capacity?
As China's reserves dwindle, will its return to the market trigger the price shock it tried to prevent?
With Russian warships escorting shadow tankers, is a catastrophic and state-backed oil spill now inevitable?
China’s 2026 Oil Import Collapse: Strategic Stockpiles, Policy Shifts, and Global Ripple Effects
Overview
China's crude oil imports dropped sharply in June 2026, continuing a trend of subdued demand that began with the onset of the Iran war. This decline is mainly driven by geopolitical events, which have disrupted global energy markets and directly reduced China's appetite for oil. In response, China has shown strategic resilience by drawing down its oil stockpiles, maintaining stable domestic production, and adjusting refinery operations. These actions have helped China manage supply disruptions and price volatility, but projections suggest that imports will fall even further in July, extending this period of constrained demand.