China’s May Crude Imports Plunge to Decade Low, Tempering Global Oil Prices
China’s crude imports plunged in May to the lowest level in a decade as weaker demand, refinery cuts and limited exports curbed buying by the world’s top buyer. Estimates of seaborne oil arriving in China over the past 30 days fell to about 7.5 million barrels a day, down from 13 million a year earlier.
The slump is helping blunt the impact of the Iran war on the global oil market by tempering crude prices. Chinese refiners have been able to keep running by drawing on record stockpiles built up over the past year, and imports may remain weak in the coming months.
From the sources (8 posts)
@rory_johnstonIt makes sense that Chinese refineries have cut runs (and thus imports) given the margin implosion. It makes less sense that we'd see acute demand destruction across Chinese consumers shielded from global price spikes by caps on domestic p
@oilheadlinenewsChina is expected to tap deeper into its record crude oil inventories as refiners cut imports further while maintaining output curbs to minimize refining losses amid weak fuel demand, analysts and industry officials said. - Reuters
@oilandenergyChina’s crude imports plunged to just 6.36 million bpd in May from 11.39 million bpd in February, but refiners kept running thanks to massive stockpiles built over the past year. Beijing’s inventory strategy is helping cushion the global oi
@jkempenergyRT @FT: Slumping Chinese oil imports ‘shield’ global market from higher prices
@staunovoIranian oil slips to discount on poor Chinese demand despite tighter supply #oott
@oilheadlinenewsChina’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War - Bloomberg
@businessChina’s crude imports plunged in May to the lowest level in a decade
@neerajcnbcChinese oil imports at near-decade low, helping tamp down global crude prices China’s low imports have shielded the rest of the oil market, estimating the amount of seaborne oil arriving in China in the past 30 days has plunged to 7.5M bbl