China’s Crude Imports Set to Hit Weakest Level Since 2016

China's crude oil imports are projected to hit their lowest monthly level since October 2016, with daily averages around 6.4 million barrels, marking an 8% drop from May's figures. This significant decline, down by 29% compared to the same period last year and 17% compared to April, underscores the economic slowdown in the world's second-largest economy amid ongoing COVID-19 restrictions and softening demand. This downturn in imports has broader implications for global oil markets and highlights the vulnerability of China's industrial sector to domestic and international economic shifts.