Since the flow of trade through the Strait of Hormuz was reduced to a trickle at the start of the U.S.-Iran war as February drew to a close, China and the United States have been effectively acting as Atlas, holding up the world of global energy supplies.
On the one hand, China has dramatically reduced its imports of oil and refined products; instead, for whatever reason, it chooses to draw on domestic reserves to meet supply needs.
According to figures from Chinese Customs reported by Bloomberg, crude oil imports in May fell to 7.8 million barrels per day, down from 11.6 million barrels per day in May 2025.
