China’s oil imports slump in May
The decrease was attributed to lower demand stemming from refineries using crude mostly from stockpiles as well as an increased number of crude processing plants being shut for maintenance.
Some traders reportedly commented that a decrease in oil imports is normal during the refinery maintenance season in China while adding that the magnitude of the decline in May imports could signal a drop in demand.
Meanwhile, data also showed that China’s oil products imports declined more than 6% while exports dropped 10% in May.
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