China’s imports of Iraqi crude oil fell sharply in May to 60,000 barrels per day (bpd), down from 790,000 bpd in February, Reuters reported on Monday.
Overall, China’s seaborne crude imports fell to 6.36 million bpd this month, the lowest level in nearly a decade, compared with 8.10 million bpd in April. The decline came as Chinese buyers scaled back purchases amid rising prices following escalating tensions in the Middle East, as well as supply disruptions linked to delayed shipments from several producers, including Iraq and Kuwait.
The Strait of Hormuz, a strategic waterway through which about 20% of global oil and liquefied natural gas supplies transit, has remained largely restricted since Feb. 28 after the US–Israel war on Iran, disrupting energy flows and limiting shipments across the region.
Iraq, OPEC’s second-largest oil producer, recorded no crude oil shipments to the United States last week, while its crude exports to India fell by around 84%.
