Reduced Chinese oil imports stabilize global market
The decline in Chinese oil imports in recent months has helped protect the global market from a larger energy crisis, despite a loss of more than one-fifth of global oil supplies over three months. China's imports decreased to approximately 7.5 million barrels per day in the past thirty days, compared to 13 million barrels in the previous year, with expectations of a continued decline to 8 million barrels in May. This is attributed to Beijing's move to reduce its commercial inventories and replace them through market purchases, along with decreased domestic demand resulting from slowed economic growth and a shift toward renewable energy.
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