finance
China Cuts Oil Imports by One Quarter Since Pre-War Levels
Chinese oil imports have fallen sharply since the start of the war. Available data do not fully explain the scale of the reduction.
May 21, 9:44 AM·1m read1 source
JA
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Chinese oil imports have declined to roughly three-quarters of pre-war volumes. The reduction is larger than can be accounted for by visible changes in economic activity.
On paper, Beijing is running its economy with about one-quarter less oil than before the war. Demand destruction or a shift in petrochemical feedstock does not appear to explain the full drop.
China may be drawing on commercial stocks of refined products that are difficult to track. It may also have tapped underground strategic petroleum reserve sites. Officials have not confirmed which measures are in use.
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