*China’s imports of crude oil from the Middle East (excluding Iran) plummeted in March due to the closure of the Strait of Hormuz according to latest customs data. Imports of 3.95mn b/d were the lowest since 3.76mn b/d in October 2018. The region’s share of overall imports dropped to a multi-decade low 36% for Q1.
*Imports from Iran were an exception to this trend. Iranian oil imports, re-labelled as ‘Malaysian’ and ‘Indonesian’ to disguise their origin, soared to 2.5mn b/d, taking the top spot from Russia (see chart). (CONTINUED - 288 WORDS)
