China Crude Oil Imports Plummet Amid Strait of Hormuz Disruptions

China's crude oil imports fell by 32% in the second quarter of this year, according to data from the US Energy Information Administration (EIA). This decline was attributed to higher crude oil prices resulting from disrupted flows through the Strait of Hormuz.

In May and June, China's imports fell below 8 million barrels per day (bpd) for the first time since 2016. The country imported an average of 8.1 million bpd in Q2, down from 11.9 million bpd in the previous quarter.

The decrease was largely due to waterborne imports, with significant reductions in shipments from Iraq (910,000 bpd), Russia (640,000 bpd), and the UAE (600,000 bpd).