What was the year-on-year change in China's crude oil imports in June 2024, and how does it compare to recent months?

China's crude oil imports in June 2024 totaled 29.272 million tons, a 41.3% year-on-year decline, marking the lowest monthly level since October 2016; this follows a 29% year-on-year drop in May (33.08 million tons) and a much smaller 2.3% decline in April.

According to the news, what key question are analysts raising about China's falling crude oil imports?

Analysts, including Daan Struyven of Goldman Sachs Global Commodities Research, are questioning whether the sharp decline in China's crude oil import demand is temporary or reflects a significant structural loss of demand.

China's June Crude Oil Imports Plunge 40%, Hit Near-Decade Low

Jul 15, 2026

China's crude oil imports fell 41.3% year-on-year to 29.27 million tons in June, marking the lowest level since October 2016. Goldman Sachs analysts attribute the drop to weak global demand, questioning if it signals a structural shift.

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