China's Oil Imports Plummet To Eight-Year Low

China's Oil Imports Plummet To Eight-Year Low Confirming our recent reporting on China's oil demand collapse, crude oil imports to China in May fell to their lowest since October 2017 because of the price spike resulting from the Persian Gulf tanker traffic disruption, plunging refinery margins (due to price ceilings imposed by Beijing), of a slowing economy and the rapid slowdown in the economy.  The May total stood at 33 million barrels, or 7.8 million barrels daily, Bloomberg re...