China's Oil Imports: A Shift in Global Dynamics? China's sharp decline in oil imports since April has sent shockwaves through the global energy market, with daily intake plummeting from an average 11.
5 million barrels per day for five years to around 8 million bpd. This reduction has had a stabilizing effect on global prices and released supplies onto the market.
The speed and magnitude of China's import drop have caught many in the industry by surprise.