COLUMN-China's oil import slump is more than just the loss of Iranian crude: Russell - Reuters

COLUMN-China's oil import slump is more than just the loss of Iranian crude: Russell - Reuters:

China’s imports of crude oil stumbled in May, and while the loss of Iranian cargoes offers a convenient explanation, there are other reasons to be cautious over the strength of demand in the world’s biggest oil importer.

China brought in 9.47 million barrels per day (bpd) in May, a drop of 11% from April’s record 10.64 million bpd, according to calculations based on customs figures released on Monday.

What appears to have happened is that Chinese refiners stocked up on imports from Iran in April, ahead of the expiry in May of the U.S. waivers that had allowed Iran’s top eight customers to continue buying crude.