China’s 8-year low oil imports cushion Iran war shock to global prices
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Imports down 29% in May as refiners cut output; domestic consumption under pressure
China’s crude oil imports fell to an eight-year low in May as the country’s refineries have cut operating rates during the Iran war. © Reuters
WATARU SUZUKI and SHOTARO TANI
SHANGHAI/TOKYO — A sharp fall in China’s oil imports is keeping global prices in check despite a supply crunch lasting more than 100 days due to disruptions in the Strait of Hormuz, a critical artery for the world’s energy trade.
