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Strait of Hormuz crisis Tankers and Gas Political Risk and Trade

Curbed crude demand drags Chinese imports to new 10-year low

  • Crude imports have fallen by 16% on the month as the Hormuz crisis continues to limit imports
  • Red Sea barrels declined compared to previous months, with Russia being the top import originator
  • Recovery to pre-crisis norms unlikely with crude oil imports expected to stay below 2025’s average in the second half of 2026

  • Analysis

Freight rates from regions other than the MEG to China have fallen sharply from just over a week ago as China continues to refrain from seaborne crude imports

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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