China’s Crude Oil Imports Crash to Decade Low as Hormuz Crisis Bites

China’s crude oil imports crashed to a decade-low in June as the reduced flows through the Strait of Hormuz hiked oil prices and reduced refiners’ appetite for costly crude. Overall Chinese imports of crude oil plunged by 41. 3% in June from a year earlier, to just 29. 27 million tons, or 7.

12 million barrels per day (bpd), according to official Chinese customs data released on Tuesday. The June volumes hit a decade low as they were at their lowest level since October 2016, according to the data series.