China Cuts Oil Imports Below 8 Million Bpd, Capping Prices After 14 Million-Bpd Supply Shock
Updated
Updated · The New York Times · Jun 15
China Cuts Oil Imports Below 8 Million Bpd, Capping Prices After 14 Million-Bpd Supply Shock
3 articles · Updated · The New York Times · Jun 15
Summary
China’s overseas oil purchases fell below 8 million barrels a day in May, the lowest level in more than eight years, according to customs data from Beijing.
That drop from a prewar average of 11.6 million barrels a day has helped prevent a sharper price spike even after the Iran war removed more than 14 million barrels a day from global supply.
Oil briefly neared $120 a barrel during the shock, but analysts said weaker Chinese buying kept prices from reaching the $200 levels some had warned about.
Prices slid to a three-month low on Monday after the United States and Iran said they had reached a framework to end the war, though analysts said China will still heavily influence the market.