China’s Oil Imports Hit Lowest Since 2017 as US Becomes World’s Top Oil Exporter

Key Takeaways

• China’s oil imports fell to 7.8 million barrels per day in May, the lowest level since October 2017
• The US became the world’s largest oil exporter for a third straight month, surpassing Saudi Arabia and Russia
• Weak Chinese demand is helping offset supply concerns from the Iran war, limiting pressure on oil prices today

China’s oil imports fell sharply in May, but the bigger surprise may be what didn’t happen next. Despite supply disruptions tied to the Iran war and continued uncertainty around Middle East exports, oil markets have remained relatively calm. At the same time, the US has quietly climbed to the top of the global export rankings. It is overtaking both Saudi Arabia and Russia. Both these developments shed light on how quickly the oil market is changing.

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Here’s Why China’s Oil Imports Have Fallen to Their Lowest Level Since 2017

China imported about 7.8 million barrels of crude per day in May, according to customs data. This is the lowest level since October 2017. This comes as a steep drop from the roughly 11.6 million barrels per day the country averaged throughout 2025.

The decline does not appear to be driven by a shortage of supply. Instead, Chinese refiners have been drawing from existing inventories while cutting processing rates. Fuel demand has also softened. Gasoline and diesel consumption have weakened as electric vehicle adoption continues to rise and refining margins remain under pressure.

Chinese buyers have also reduced purchases of Iranian crude, a key feedstock for independent refiners. It should be noted that tighter sanctions and weaker economies are making those cargoes less attractive. The result is a significant slowdown in import demand at a time when many traders expected Middle East disruptions to push prices higher.

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How US Oil Exports Overtook Saudi Arabia and Russia

While China is buying less crude, the US is selling more than ever. According to recent data, US oil exports reached about 10.5 million barrels per day in May. This is much ahead of Russia’s 7 million barrels and Saudi Arabia’s oil exports of roughly 5.9 million barrels. It marks the third consecutive month that the United States has held the top spot.

The shift has been years in the making. Since the shale crude oil boom began, US production has surged. This has transformed the country from a major importer into the world’s largest producer and now its largest exporter. Michelle Brouhard, head of policy at ship tracking firm Kpler, said,

“You can see now the leverage the United States has over some of ​these countries because they are dependent on the U.S. for their oil or gas.”

Europe accounted for nearly half of US oil exports this year, while shipments to Asia have also climbed. Analysts say the trend could gradually reduce the influence traditionally held by OPEC producers over global oil demand and supply balances.

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