China's Oil Imports Remain Below Pre-War Levels Amid Iran Tensions

China's oil imports remain significantly lower than pre-war levels, despite market speculation about increased purchasing. According to data from commodity intelligence firm Vortexa, China imported just under 7 million barrels per day by sea in September, a reduction from the July and August average. This is a stark contrast to the country's purchases before the Iran war began on February 28, when China was importing an average of 10.5 million barrels daily.

The reduction in imports has been ongoing since April, with seaborne oil imports falling to a 10-year low of 5.8 million barrels per day in June. This year alone, China has purchased 600 million fewer barrels of seaborne oil compared to the same period in 2025. If Beijing continues buying at September's rate through the fourth quarter, the cumulative deficit would approach 1 billion barrels by year end.

The shift in purchasing location has also had a market impact, with China now buying more oil on the open market instead of from Iran. This is affecting major pricing hubs, such as the North Sea, where benchmark prices are set.