Key facts
- China's crude oil imports averaged 6.36 million barrels daily in May.
- This represents a decrease from 8.10 million barrels daily in April.
- Imports were down from nearly 11.40 million barrels daily in February.
- The decline is attributed to oil and gas market disruptions caused by the Iran War.
- China can absorb the import slump due to its large existing stockpiles.
The ongoing Iran War has significantly disrupted global oil and gas markets, leading to a substantial decrease in China's crude oil imports. In May, daily imports averaged 6.36 million barrels, a notable drop from 8.10 million barrels per day in April and a sharp decline from the 11.40 million barrels per day seen in February. This reduction is a direct consequence of the market instability caused by the conflict. However, China is in a position to manage this slump due to its considerable existing crude oil stockpiles, which allow it to absorb the reduced import levels without immediate severe consequences.