China’s Oil Imports Plummet to Eight-Year Low

AI Summary

China's crude oil imports hit their lowest point since October 2017 in May 2024, falling due to price spikes caused by Persian Gulf tanker traffic disruptions. Declines were also observed in refinery runs and fuel exports as Beijing prioritizes domestic fuel supply.

Crude oil imports to China in May fell to their lowest since October 2017 because of the price spike resulting from the Persian Gulf tanker traffic disruption. The May total stood at 33 million barrels, or 7.8 million barrels daily, Bloomberg reported, citing Chinese customs data. This compares to an average daily import rate of 11.6 million barrels last year. Refinery run rates are down as well, as are fuel exports, with Beijing careful to make sure there is enough diesel and gasoline for the domestic market. The news will likely push oil prices…