China State Firms Resell Oil Cargoes as Crude Import Slump Signals Weak Demand
State-owned firms in China are reselling crude cargoes to global buyers after the country’s oil imports plunged 20% in April, a sign that domestic demand may be weaker than the recent supply disruption alone would suggest. The development adds a new angle to April’s energy trade figures, which had initially been read mainly through the lens of constrained supply.
Earlier customs data showed China’s crude arrivals fell about 20% year on year to 38.47 million tons in April, while gas imports dropped about 13% to 8.42 million tons as shipments through the Strait of Hormuz nearly halted amid the war in Iran. The cargo resales suggest softer demand is also weighing on China’s oil purchases.
From the sources (20 posts)
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@cointelegraph🇨🇳 NOW:China's crude oil imports have plunged 20% in April to their lowest level in 2 years. State-owned firms are now reselling cargoes to global buyers, signaling demand is far weaker than the supply crisis suggests.