China May Crude Oil Imports Drop After April Record

www.oann.com | 4/21/2019 | Staff
SINGAPORE/BEIJING (Reuters) – China’s crude oil imports slipped 8% in May from an all-time peak hit the month before, customs data showed, as the world’s top importer of the commodity curbed shipments from Iran amid tightening U.S. sanctions on that country.

China’s crude imports dropped to 40.23 million tonnes in May from 43.73 million tonnes in April, General Administration of Customs data showed on Monday.

Barrels - Day - Bpd - Percent - April

That equates to 9.47 million barrels per day (bpd), down 11 percent from April, which has one more day, Reuters calculations showed, pressured by lower imports from Iran and as several major state refineries were shut for regular overhauls.

“The main reason for the fall in China’s crude imports is the Iranian imports which fell sharply in May,” said Seng Yick Tee, analyst at Beijing-based consultancy SIA Energy.

China - Imports - Crude - May - Face

China started to scale-back imports of Iranian crude in May in the face of tougher U.S....
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