US and Israeli Strikes on February 28, Despite a Sharp Drop in Crude Oil Imports, According to an Analysis by the Wall Street Journal

After the war began, China's crude imports fell 48.9% from February to June, dropping to 5.8 million barrels per day. Despite a recovery in July, imports remained near their lowest levels in about a decade. The analysis notes that Beijing limited fuel exports, prompting refineries to reduce crude processing.

According to S&P Global Energy Platts, the average capacity utilization rate at 49 state-owned refineries fell to 71.6% in May, the lowest since the pandemic. The war's impact on global fuel costs also pushed up airfares. Rail transport, which relies on an electricity grid powered mainly by coal and renewables, was less affected by oil market volatility.

China had already been increasingly using its vast coal reserves to produce oil, fuel and other products. In 2024, refined products made from coal were equivalent to processing about 300 million barrels of crude oil, helping the country prepare for war-related oil disruptions.