China's May crude imports fall to eight‑year low

China's crude oil imports plummeted to an eight-year low in May, a dramatic reduction that has moderated global price increases despite a major supply disruption from the ongoing conflict in the Middle East. The world's largest oil importer brought in roughly 7.8 million barrels per day last month, a 29% decline compared to May 2025, according to customs data.

This pullback has acted as a crucial pressure valve for global markets following the near-total closure of the Strait of Hormuz in early March, which removed approximately 20% of seaborne oil supply. Analysts note that Brent crude prices have remained below $100 per barrel, a more muted reaction than many predicted given the scale of the supply shock.

China has been able to reduce imports by drawing on its substantial oil stockpiles. The country is estimated to have between 900 million and 1.4 billion barrels in commercial and strategic reserves, built up over the preceding year. Energy consultancies estimate China began tapping these reserves in May and is expected to draw an average of about 1 million barrels per day from them in the coming months.

Concurrently, domestic fuel demand in China has fallen sharply, easing...