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.
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.
Plunging crude imports forced Chinese oil processors to sharply reduce output last month, with runs in the state-owned sector dropping to multiyear lows.
Plunging crude imports forced Chinese oil processors to sharply reduce output last month, with runs in the state-owned sector dropping to multiyear lows.
China’s gasoline demand is expected to slide further this year, as the Iran war pushes up oil prices and accelerates a long-term shift away from the internal combustion engine.
China’s gasoline demand is expected to slide further this year, as the Iran war pushes up oil prices and accelerates a long-term shift away from the internal combustion engine.
Saudi Arabian crude oil exports to China for loading in June are set to plunge to around 13 million to 14 million barrels, according to traders informed by the producer.
Saudi Arabian crude oil exports to China for loading in June are set to plunge to around 13 million to 14 million barrels, according to traders informed by the producer.
Oil pipes at the North Pier Terminal, operated by Saudi Aramco, in Ras Tanura, Saudi Arabia..
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
A refinery in China. Photographer: Andrew Wong/Getty Images AsiaPac
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
A refinery in China. Photographer: Andrew Wong/Getty Images AsiaPac
Oil edged higher as traders speculated on whether fresh clashes between the US and Iran would derail a fragile ceasefire, dimming hopes a peace deal may be struck soon.
Oil edged higher as traders speculated on whether fresh clashes between the US and Iran would derail a fragile ceasefire, dimming hopes a peace deal may be struck soon.
Oil fell a second day as US President Donald Trump said “Great Progress” has been made on a final agreement to end the war with Iran.
Marco Rubio, US secretary of state, during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, US on Tuesday, May 5, 2026. Rubio emphasized that the move to give military support to ships passing through the Strait of Hormuz near Iran is a “defensive operation,” saying the US will only fire if fired upon.
China has given state-owned refiners the green light to export 500,000 tons of fuels to a handful of regular customers, signaling the country is effectively easing an earlier ban on shipments.
China has given state-owned refiners the green light to export 500,000 tons of fuels to a handful of regular customers, signaling the country is effectively easing an earlier ban on shipments.
China’s state-owned refiners have begun applying for government permits that would allow them to resume fuel exports in May, citing plentiful domestic stockpiles.
China’s state-owned refiners have begun applying for government permits that would allow them to resume fuel exports in May, citing plentiful domestic stockpiles.
HEILONGJIANG PROVINCE, CHINA - July 13: A CNPC 'nodding donkey' oil pump pumps oil at sunset in an oilfield on July 13, 2006 in outside Daqing, Heilongjiang province, China. China National Petroleum Corp. (CNPC) is the parent company of PetroChina. PetroChina went public on the Shanghai Stock Exchange Monday, Nov. 5, and the shares nearly tripled the same day. At US$1.005 trillion market capital, PetroChina is now the only trillion-dollar company in the world, twice the value of its US peer Exxon Mobil. (Photo by Lucas Schifres/Getty Images)
China’s state-owned refiners have begun applying for government permits that would allow them to resume fuel exports in May, citing plentiful domestic stockpiles.
China’s state-owned refiners have begun applying for government permits that would allow them to resume fuel exports in May, citing plentiful domestic stockpiles.
HEILONGJIANG PROVINCE, CHINA - July 13: A CNPC 'nodding donkey' oil pump pumps oil at sunset in an oilfield on July 13, 2006 in outside Daqing, Heilongjiang province, China. China National Petroleum Corp. (CNPC) is the parent company of PetroChina. PetroChina went public on the Shanghai Stock Exchange Monday, Nov. 5, and the shares nearly tripled the same day. At US$1.005 trillion market capital, PetroChina is now the only trillion-dollar company in the world, twice the value of its US peer Exxon Mobil. (Photo by Lucas Schifres/Getty Images)
A US move to sanction one of China’s largest private refiners over ties to Iran will hurt a vast and already embattled petrochemicals sector — but the collateral damage will extend far beyond oil.
A US move to sanction one of China’s largest private refiners over ties to Iran will hurt a vast and already embattled petrochemicals sector — but the collateral damage will extend far beyond oil.
The Hengli petrochemical refinery in Dalian, China. Photographer: Xinhua News Agency/Xinhua News Agency
Oil rose after efforts to resume peace talks over the Iran war stalled, leaving the Strait of Hormuz almost impassable and prolonging the supply disruption that has roiled global markets.
Oil rose after efforts to resume peace talks over the Iran war stalled, leaving the Strait of Hormuz almost impassable and prolonging the supply disruption that has roiled global markets.
China has kept its massive crude stockpiles intact, despite a collapse in Middle Eastern flows due to the Iran war, with the much-maligned private refiners playing a pivotal role.
China has kept its massive crude stockpiles intact, despite a collapse in Middle Eastern flows due to the Iran war, with the much-maligned private refiners playing a pivotal role.
An oil and petrochemical storage facility on the outskirts of Shanghai, China, on Tuesday, March 1, 2022. Oil extended its relentless rally before an OPEC+ meeting as the International Energy Agency warned that global energy security is under threat following Russia’s invasion of Ukraine.
Chinese oil majors are selling cargoes of West African and other crudes, according to traders familiar with the deals, a rare move that follows utilization cuts across government-owned refiners as the war in Iran upends global supply.
Chinese oil majors are selling cargoes of West African and other crudes, according to traders familiar with the deals, a rare move that follows utilization cuts across government-owned refiners as the war in Iran upends global supply.
China is set to import a record volume of US ethane this month as petrochemical producers seek alternative feedstocks for their operations after the war in the Middle East choked off crucial supplies.
China is set to import a record volume of US ethane this month as petrochemical producers seek alternative feedstocks for their operations after the war in the Middle East choked off crucial supplies.
Oil and natural gas prices jumped after renewed risks to energy flows via the Strait of Hormuz threatened to jeopardize much-anticipated peace talks between the US and Iran.
Oil and natural gas prices jumped after renewed risks to energy flows via the Strait of Hormuz threatened to jeopardize much-anticipated peace talks between the US and Iran.
The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, on April 18, 2026. Photographer: Asghar Besharati/AP
Oil and European natural gas prices tumbled after the promised re-opening of the Strait of Hormuz bolstered sweeping optimism that the US-Iran conflict will reach an end and ease disruptions to global energy markets.
Oil and European natural gas prices tumbled after the promised re-opening of the Strait of Hormuz bolstered sweeping optimism that the US-Iran conflict will reach an end and ease disruptions to global energy markets.
Oil edged higher as traders weighed signs the US and Iran may extend a ceasefire against a double blockade of the Strait of Hormuz that continues to impede flows.
Oil edged higher as traders weighed signs the US and Iran may extend a ceasefire against a double blockade of the Strait of Hormuz that continues to impede flows.
Pipelines run near oil storage tanks at the Enbridge Inc. Cushing storage terminal in Cushing, Oklahoma, U.S., on Wednesday, March 25, 2015. The fastest oil-inventory growth on record at the main U.S. hub may be about to end, easing concern that storage limits will be strained.
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