Chinese crude oil imports drop 20% in April, easing pressure on global oil prices.

China's crude oil imports fell 20% month-over-month in April to 8.2 million barrels per day, the lowest in two years and nearly 30% below pre-war levels. This significant drop, equivalent to Japan's total daily oil consumption, may help ease the upward pressure on global oil prices amid tight supply conditions. Despite the decline, Chinese state-owned companies are reselling crude to other buyers, indicating stable domestic inventories. The slowdown in China's demand comes amid ongoing geopolitical tensions affecting key oil transit routes like the Strait of Hormuz, which has disrupted global supply and pushed prices near $100 per barrel.