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The global oil market is witnessing a shift in demand dynamics as Chinese crude oil imports fall sharply.
China Oil Imports Decline
According to an X post by The Kobeissi Letter on Sunday, China’s crude oil imports slid 20% month over month in April to 8.2 million barrels per day, the lowest level in at least two years. The decline represents a nearly 30% drop — or roughly 3.5 million barrels per day — from pre-war import levels of 11.7 million barrels per day.
The letter said that the decline in Chinese crude demand nearly matches Japan’s total daily oil consumption. “This is also 2 times larger than the volume supplied by the UAE pipeline that bypasses …
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