China Crude Imports Fall 44 Percent in May Amid Iran Conflict

Chinese crude oil imports averaged 6.36 million barrels per day in May, down from 11.39 million barrels per day in February, the last full month before the Iran conflict began. The May figure also marked a decline from 8.10 million barrels per day recorded in April. Kpler data cited by Reuters showed the month-over-month and year-to-date drops.

Chinese refiners continued to process volumes roughly double the amount imported during May. The gap was met by withdrawals from inventories accumulated over more than a year of elevated purchases. OilPrice.com reported that the drawdown reached an estimated one billion barrels.

The reported import reduction follows supply disruptions linked to the Iran conflict. OilPrice.com stated that the inventory buffer allows China to sustain current refinery runs without immediate additional purchases. Further inventory data and any subsequent restocking plans were not detailed in the report.