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2026-05-29 23:29:35
[China Draws on Stockpiles to Delay Oil Supply Shortage] China's supply and demand balance indicates that the Chinese government is depleting its oil reserves, thus postponing a broader oil market supply shortage into the third quarter. Hamad Hussain of Capital Economics stated, "Estimated Chinese crude oil imports and refinery throughput so far this month suggest that Chinese refiners are relying more heavily on stockpiling in May compared to April." Despite weak crude oil imports and declining refinery throughput, China's underlying oil demand remains relatively resilient, indicating that commercial inventories are being used to bridge the gap between supply and consumption. The economist added, "If China's crude oil demand situation in May is repeated in June, the 'tipping point' for the global oil market could be pushed back from June to July."
