*Chinese crude imports in May slumped to 7.74mn b/d, official import statistics show. This was the lowest monthly level since 7.24mn b/d in October 2017. Chinese crude oil imports peaked at 13mn b/d in December last year but have declined to nearly half of that since Iran’s closure of the Strait of Hormuz in early March.
*Imports from the Middle East were down 11% month-on-month to 1.92mn b/d, the lowest since August 2012, though their share of overall imports rebounded from April’s multi-decade low of 23%, to 25% for May. Despite the signing of a memorandum of understanding last week between the US and Iran (MEES, 26 June), a return to regular exports through the Strait of Hormuz will take time (MEES, 19 June). (CONTINUED - 317 WORDS)
