📍China's crude oil imports in April decreased by 20% MoM to 8.2 million barrels per day — the lowest level in over 2 years.


📌Compared to the pre-war period, import volumes have decreased by approximately 30%, equivalent to 3.5 million barrels per day from the 11.7 million barrels per day level.
📌This figure is nearly equal to Japan's entire daily oil consumption, and twice the amount of oil passing through the UAE pipeline to avoid the Strait of Hormuz.
📌Notably, Chinese oil companies are also reselling crude oil to Europe and even Asia. This indicates that China's inventories remain quite comfortable, despite the global market experiencing supply shortages.
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