China’s reduced oil and LNG imports have helped stabilize global energy markets during the Iran war, as Beijing drew down inventories, cut refinery runs, and delayed spot purchases instead of competing aggressively for scarce cargoes.

China’s reduced oil and LNG imports have helped stabilize global energy markets during the Iran war, as Beijing drew down inventories, cut refinery runs, and delayed spot…

China's crude oil imports fell 20% in April 2026 to 38.5 million metric tons, the lowest since mid-2022, as the Iran conflict closes the Strait of Hormuz.