China's oil import picture is shifting fast.
September crude imports hit ~6.9M barrels/day in the first 20 days — near a 10-year low. That's way down from the ~10.5M barrels/day China was pulling in before the Iran situation escalated.
The real story: Iranian crude to China has collapsed to ~80K barrels/day, down 92-95% from the 1.0-1.5M barrels/day they used to import. On track for the 2nd-lowest level in a decade.
The math: China has imported roughly 600 million fewer barrels of seaborne oil this year vs. 2025 levels.
To fill the gap, they're turning to Iraq, UAE, Brazil, and Canada. Iranian oil is quietly disappearing from China's supply chain.
This is a massive shift in global oil flows. Watch how this plays out for crude prices, geopolitics, and energy security.
September crude imports hit ~6.9M barrels/day in the first 20 days — near a 10-year low. That's way down from the ~10.5M barrels/day China was pulling in before the Iran situation escalated.
The real story: Iranian crude to China has collapsed to ~80K barrels/day, down 92-95% from the 1.0-1.5M barrels/day they used to import. On track for the 2nd-lowest level in a decade.
The math: China has imported roughly 600 million fewer barrels of seaborne oil this year vs. 2025 levels.
To fill the gap, they're turning to Iraq, UAE, Brazil, and Canada. Iranian oil is quietly disappearing from China's supply chain.
This is a massive shift in global oil flows. Watch how this plays out for crude prices, geopolitics, and energy security.
