China's Seaborne Oil Imports Remain Subdued, Nearing 1 Billion Barrel Annual Deficit

China's seaborne crude oil imports remain significantly below historical averages in September, continuing a trend of reduced purchasing that began earlier this year, according to new data from commodity intelligence firm Vortexa. The sustained slowdown in buying from the world's largest oil importer signals a persistent drag on global demand.

Sustained Reduction in Imports

Vortexa's data shows China is importing just under 7 million barrels per day (bpd) by sea this month, a figure lower than the average for July and August. This is a stark contrast to the period before the Iran conflict began on Feb. 28, when the country was importing an average of 10.5 million bpd via tanker.

The reduction in purchases started in April, with imports hitting a 10-year low of 5.8 million bpd in June. So far this year, China has purchased 600 million fewer barrels of seaborne crude compared to the same period in 2025. Vortexa projects that if the current import rate continues through the fourth quarter, this deficit could widen to nearly 1 billion barrels by the end of the year.

Shift in Sourcing and Market Impact

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The conflict has also triggered a significant shift in the composition of China's oil sources. The country has reportedly ceased purchasing Iranian crude, which it had previously acquired at a discount on the black market despite U.S. sanctions.

Instead, Beijing is now procuring more of its oil from the open market. This change has direct implications for global oil prices, as purchases in transparent markets like the North Sea—home to the Brent benchmark—have a more pronounced effect on pricing than equivalent volumes traded illicitly.

Geopolitical Context

The continued reduction in Chinese oil demand comes amid ongoing geopolitical tensions. The market dynamics are being closely watched ahead of a scheduled meeting in Washington later this week between U.S. President Donald Trump and Chinese President Xi Jinping, where trade and energy security are likely to be key topics.