China's Crude Oil Imports Plummet Amid Middle East Conflict
China's crude oil imports have dropped to an eight-year low, falling by 29% to 7.79 million barrels per day in May. This decline is attributed to the ongoing conflict in Iran, which has effectively closed the Strait of Hormuz, a critical passage for Middle Eastern oil. The closure has led to a significant increase in crude oil prices, prompting Chinese refiners to reduce imports and rely on existing inventories. Prior to the conflict, China's imports were around 11 million barrels per day. The situation has also affected other commodities, with high prices leading to reduced imports of copper and coal, while aluminum exports have increased. 
