China's Oil Imports Drop to Eight-Year Low in May

In May, China's oil imports declined to their lowest point in eight years, marking a continued sharp decrease in shipments to the world's largest oil importer. This trend is restricting the rise of global oil prices.

Customs data released on Tuesday revealed that crude imports dropped by 29 percent compared to May of the previous year, reaching 33.08 million tons, equivalent to 7.79 million barrels per day. This figure is the lowest since February 2018.

China sources nearly half of its crude oil from the Middle East, where the closure of the Strait of Hormuz has reduced the number of tankers transporting oil and refined products to countries worldwide.