China’s Crude Oil Imports Crash to Decade Low as Hormuz Crisis Bites

AI Summary

China’s crude oil imports fell to a decade low in June, dropping by 41.3% year-over-year due to disruptions linked to the Strait of Hormuz crisis. This sharp decline has increased oil prices and reduced Chinese refiners’ demand for expensive crude oil during this period.

China’s crude oil imports crashed to a decade-low in June as the reduced flows through the Strait of Hormuz hiked oil prices and reduced refiners’ appetite for costly crude. Overall Chinese imports of crude oil plunged by 41.3% in June from a year earlier, to just 29.27 million tons, or 7.12 million barrels per day (bpd), according to official Chinese customs data released on Tuesday. The June volumes hit a decade low as they were at their lowest level since October 2016, according to the data series. Chinese crude oil imports extended…