China's June Oil Imports Hit Near 10-Year Low Amid Iran War
Customs data showed imports fell 41.3% year on year to 29.27 million tons as refinery run rates hit a 10-year low.
- On Tuesday, Customs data showed China's crude imports plunged 41% in June to 29.27 million tons, marking the lowest volume in a decade at 7.12 million barrels per day.
- Weak domestic demand and export curbs amid the Iran war forced Refinery run rates to a ten-year low, as conflict in the Middle East and Persian Gulf reduced crude flows significantly.
- Refinery run rates hit 57.72% in June, Emma Li, analyst at Vortexa, said, though they could rebound if export restrictions ease; Chinese natural gas imports rose 3.7% that month.
- Iranian oil imports dropped 40% month-on-month to below 800 thousand barrels per day as a renewed blockade impacts the Strait of Hormuz, complicating supply security for Overall Chinese crude intake.
- Before the Iran war, China amassed between 1.2 billion and 1.3 billion barrels in reserves, helping mitigate price spikes, though ongoing supply risks in the Persian Gulf threaten long-term energy security.
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China’s electric taxis are blunting the Hormuz oil shock, but only at the margins
China’s crude oil imports fell 41.3% in June from a year earlier to 29.27 million tonnes, the lowest monthly total since October 2016, according to customs data released on 14 July. Five months into the Strait of Hormuz crisis, Beijing is buying less oil than at any point in a decade. Some of the slack is being […] This story continues at The Next Web
China's crude oil imports fell 41.3% in June, customs data showed.
At the same time, natural gas imports to China increased to a maximum of five months, as did the supply of coal.
China’s Crude Oil Imports Crash to Decade Low as Hormuz Crisis Bites
China’s crude oil imports crashed to a decade-low in June as the reduced flows through the Strait of Hormuz hiked oil prices and reduced refiners’ appetite for costly crude. Overall Chinese imports of crude oil plunged by 41.3% in June from a year earlier, to just 29.27 million tons, or 7.12 million barrels per day (bpd), according to official Chinese customs data released on Tuesday. The June volumes hit a decade low as they were at their lowes…
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