China’s oil imports fell to 33 million barrels in May
China’s crude oil imports declined to their lowest level in eight years. The May total stood at 33 million barrels, or 7.8 million barrels daily.
This is a significant decrease from the average daily import rate of 11.6 million barrels last year. Refinery run rates are also down, as are fuel exports.
The decline in oil imports is attributed to the price spike resulting from the Persian Gulf tanker traffic disruption. Beijing is being cautious to ensure sufficient diesel and gasoline for the domestic market.