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Market Chatter: China's Oil Imports Record Near-Four Year Low as Supplies Decline by 20% Y-o-Y in April

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China recorded a 20% year-on-year decline in its oil imports in April, marking a near four-year low, amid a continued disruption in supplies due to the effective closure of the vital Strait of Hormuz waterway, Reuters reported Saturday, citing customs data.

The world's largest oil importer secured 38.5 million metric tons of crude oil last month, the lowest since July 2022, the report said. The country relies on the Middle East for nearly half of its crude oil imports.

The customs data does not differentiate between sea borne crude oil shipments and pipeline deliveries, the report said.

China's seaborne crude imports for April stood at 8.03 million barrels per day, which is again the lowest since July 2022, the report said, citing Kpler data.

The fall in imports notwithstanding, the country's crude stockpiles rose by 17 million barrels in April, Reuters reported, citing Vortexa, but added that inventories are expected to decline in May.

China's crude oil imports from January to April is 1.3% higher than the 185.3 million tons reported for the corresponding period last year, the report said.

Meanwhile, restrictions in exports of refined fuels like gasoline and jet fuel amid the ongoing Middle East crisis caused a sharp fall in China's April fuel exports to 3.1 million tons, the lowest in about 10 years and about one-third down compared with March.

has reached out to China National Energy Administration for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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