Chinese state-owned oil refiners are reportedly evaluating the possibility of importing crude oil from the United States again after halting purchases for about nine months, as the ongoing crisis in the Middle East threatens global energy supplies.
According to a report by S&P Global’s Platts on March 9, the supply uncertainty linked to the conflict in the Middle East is pushing Chinese buyers to reconsider earlier restrictions on US crude despite the tariffs imposed during trade tensions between both countries.
Analysts and refinery insiders indicated that although China still maintains an additional 20 per cent tariff on American crude, the government could temporarily relax the measure if supply pressures intensify. One Beijing-based analyst told Platts that authorities might treat the situation as an emergency if disruptions continue to worsen.
Energy market observers noted that China had previously granted tariff exemptions on certain US energy products, including ethane, because the country relies heavily on American supplies for that resource.
The potential shift in policy comes shortly after Chinese authorities instructed the nation’s largest refiners to suspend exports of refined petroleum products such as gasoline and diesel. The move, reported by Bloomberg, is aimed at ensuring adequate fuel supplies for domestic consumption as global energy markets tighten.
Industry sources say the government is prioritising energy security, urging refiners to focus on maintaining domestic supply levels.
Shipping data reviewed by Platts suggested that roughly eight cargoes of crude oil from the US Gulf Coast could be delivered to China in the coming weeks. Most of the shipments are expected to contain light sweet crude, including the WTI Midland grade. At least one cargo had already been loaded on March 7, although traders noted that the shipments could still be redirected if market conditions change.
The consideration of US imports follows a sharp rise in global crude prices. The front-month crude contract on the New York Mercantile Exchange climbed by more than $20 to about $111 per barrel on March 8 after energy infrastructure disruptions linked to the Middle East conflict.
Shipping costs for very large crude carriers transporting oil from the US Gulf Coast to China have also fluctuated. Freight for a typical 270,000-metric-ton shipment was recently assessed at about $26m for cargoes scheduled between late March and mid-April. The rate had previously reached nearly $29.3m earlier in the month.
Before the conflict escalated, freight costs along the route had varied widely at significantly lower levels.
Chinese refiners had largely stopped buying US crude in June 2025 after tariffs and rising transport expenses made the trade unprofitable. Market estimates suggested refiners could lose roughly $30 per barrel after accounting for shipping costs and import duties.
However, some procurement strategists within state-owned refining groups say the current supply uncertainty has changed the equation. One official noted that all potential sources of crude are now being evaluated as the risk of prolonged disruptions increases.
While China maintains substantial oil reserves, analysts say those stockpiles may only provide temporary relief. Data from satellite analytics firm Ursa Space showed that the country’s onshore crude inventories reached a record 1.32 billion barrels in early March.
To conserve supplies, authorities have also directed refiners to reduce exports of refined petroleum products, allowing more crude to be retained for domestic use.
