Oil-hungry refiners across China ramped up purchases of US crude in May amid an erosion of supplies from sanctions-hit Iran and Venezuela, even as trade tensions rage on between Beijing and Washington.
China imported 786,638 metric tons of US crude oil in May, the equivalent of 186,000 barrels a day, the most since September, data released by the General Administration of Customs show. Shipments in May from Iran fell two-thirds from the month before to the lowest level since October 2018, while receipts of Venezuela crude more than halved from April.
