China’s crude oil imports have fallen to the lowest level in ten years – Media

Crude oil imports to China in June fell to a ten-year low, contrasting with a noticeable increase in natural gas and coal imports.

According to Chinese customs data released by Bloomberg, the volume of crude oil purchases in the country decreased by 41% year-on-year in June 2023, reaching 29.27 million tonnes. This is the lowest figure since October 2016. The decline is due to the impact of military actions in the Persian Gulf and a decrease in domestic demand for oil. It is also 12% less than the May import, which was already one of the lowest in the past decade.

In contrast to the oil situation, natural gas imports increased by 3.7%, reaching a five-month high of 10.93 million tonnes. This is partly due to low domestic production and a decrease in reserves, which was compensated by an increase in maritime imports. Preventative measures following a mine explosion also played an important role, prompting a 30% increase in coal imports to 42.78 million tonnes, which also marked a five-month high.

This change in energy imports occurs against the backdrop of changes in the international oil market, including changes in pricing policy for Russian and Iranian oil, as well as the lifting of U.S. sanctions against Iranian shipments. China remains an important partner in this area, as it continues to purchase Iranian oil, which is currently cheaper on the market.