China Oil Imports Decline as Busy Port Curbs Crude Access
- Nation’s crude imports fall 4.3% to 7.62 million barrels a day
- Port congestion may have curbed buying from teapot refineries
China Growth: Are There Signs of Stability?
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Oil imports by China, the world’s biggest consumer after the U.S., fell to a four-month low as congestion at one of its biggest ports curbed purchases from independent refiners.
Inbound shipments in May totaled 32.24 million metric tons, data from the Beijing-based General Administration of Customs showed on Wednesday. That’s equivalent to 7.62 million barrels a day, down 4.3 percent from the previous month. Net oil-product exports fell by almost one-third from April to 810,000 tons.