China Draws Down Billion-Barrel Stockpile as Iran War Cuts Imports in Half

The Iran War and the oil and gas market disruption it has caused have prompted a massive drop in Chinese crude oil imports. These were estimated at a little over 6 million barrels daily last month, down from almost 11.40 million barrels daily in February. The twist: China is the country that can afford such a slump, thanks to its inventories. May imports stood at a daily average of 6.36 million barrels, Kpler data cited by Reuters’ Clyde Russell showed this week. This was down from 8.10 million barrels daily for the previous month and from…