Tonight, the Chinese website of The Wall Street Journal published an article stating: "China's crude oil imports hovered around 6.6 million barrels per day in May, reaching a new low since 2016. With Persian Gulf crude supply still constrained, this trend is freeing up supply for other parts of Asia, preventing even more severe shortages."
This May, China’s crude oil imports fell to 6.6 million barrels per day—the lowest level since 2016—due to a combination of multiple factors. Looking back at historical data, China’s crude oil imports were 381 million tons in 2016, followed by continuous growth, peaking at 578 million tons in 2025. This recent decline represents a rational correction. Currently, maritime traffic in the Persian Gulf is obstructed, putting pressure on regional crude supply and significantly impacting the global oil market. China’s proactive adjustment of import volumes stems from both the rapid popularization of domestic new energy sources and optimized refining plant production schedules, as well as strategic inventory management aimed at avoiding risks associated with high-price procurement.
More noteworthy is how this shift is reshaping the energy landscape in Asia. The supply share China has relinquished has effectively filled demand gaps in neighboring countries, preventing regional supply tightness. Unlike the passive reduction seen in 2021 during the pandemic, this current adjustment is intentional—demonstrating China’s strong energy security capabilities while also contributing to stable regional energy markets. The global energy supply-demand structure is evolving accordingly.
Original source: toutiao.com/article/1866262043777088/
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