China's May Crude Imports Sink to 7.8 Million bpd as ING Warns Brent Could Hit $130
Updated
Updated · IndexBox, Inc. · Jun 22
China's May Crude Imports Sink to 7.8 Million bpd as ING Warns Brent Could Hit $130
3 articles · Updated · IndexBox, Inc. · Jun 22
Summary
China cut May crude imports by 3.2 million barrels per day from a year earlier to 7.8 million bpd, the weakest level since October 2017, easing immediate pressure on global oil markets.
ING said that demand pullback has helped keep Brent below $100 a barrel despite disrupted Persian Gulf flows, but sees the market tightening through July if Strait of Hormuz traffic does not normalize.
Brent could jump to $120-$130 once inventory buffers run down, with ING's base case putting the market in deficit in the third quarter and averaging $110 a barrel.
US exports are up 1.8 million bpd year on year and strategic reserve releases have cushioned prices, but both supports are temporary and the SPR release ends by late July.
Gas markets face similar strain: global LNG exports in May fell more than 7% year on year, EU storage is only 43% full versus a 57% five-year average, and stronger Asian buying could lift European prices further.
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China's May 2026 Oil Imports Drop Sharply: Inventory Reliance, Geopolitical Shocks, and Market Outlook
Overview
In May 2026, China’s crude oil imports dropped sharply to 6.4 million barrels per day, down from 8.1 million in April and 10.1 million in March. This decline marks a clear shift as China relied more on its existing refinery inventories instead of buying new oil, even while continuing to build its strategic petroleum reserves. The trend reflects a broader move away from fresh imports, showing how China is adjusting its energy strategy in response to changing market conditions and internal stock management. These changes highlight China’s evolving approach to securing its energy needs.