Beijing did not rush for cheap oil. Imports collapsed by millions of barrels.

China's crude oil imports plummeted in May, a sharp decline attributed to a confluence of factors including rising global prices and disruptions in key shipping lanes. The drop, amounting to 5.5 million barrels per day compared to earlier figures, suggests Beijing is adopting a cautious strategy amidst market volatility.

While the decrease in imports might appear to aid other Asian nations grappling with supply shortages, analysts emphasize this is an incidental outcome. The primary driver, according to Reuters and market observers, is China's typical response to price surges: reducing purchases rather than competing for scarcer, more expensive supplies. This pattern was also observed following Russia's 2022 invasion of Ukraine, when Chinese imports fell as Brent crude prices soared.

Specific data reveals significant drops from traditional suppliers. Imports from Iraq fell from 790,000 bpd in February to just 60,000 bpd in May. Kuwaiti imports ceased entirely in May, down from 522,000 bpd in October 2025. Even imports from Russia, a key supplier to China, decreased to their lowest level since August 2025.

This strategic reduction in imports, particularly from the Middle East and Russia, indicates that Chinese refiners faced difficulties securing supplies disrupted by events like the attacks in the Strait of Hormuz. Instead of increasing purchases, Beijing appears to be relying on existing reserves to balance its energy needs, a move that contrasts with panic-driven buying seen elsewhere.