China's May Crude Imports Slump to 6.36 Million Bpd as Iran War Scrambles Supply

7 articles · Updated · Reuters · Jun 1

6.36 million bpd of seaborne crude reached China in May, down from 8.10 million in April and the lowest level since October 2016, according to Kpler.
A loss of at least 10 million bpd tied to the Iran war and the Strait of Hormuz disruption hit both prices and access, making the February-to-May drop of about 5.5 million bpd far steeper than a normal price-driven pullback.
Iraqi shipments to China fell to 60,000 bpd in May from 790,000 in February, Kuwait supplies dropped to zero, and Russian arrivals slid to 1.07 million bpd as India doubled its Russian purchases to a record 2.17 million bpd.
Chinese refiners appear to be coping by preserving diesel, jet fuel and gasoline output, drawing down commercial crude and product inventories, and cutting refined-product exports to 463,000 bpd from 777,000 in February.
That inventory buffer is limited, leaving China to eventually raise crude imports, slash refinery runs, tap strategic reserves, or combine all three as weaker demand already points to 2026 imports near pandemic-era lows.

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