Chinese oil imports shrank by over 1m barrels per day in April, or 1% of global demand, as the country’s zero-covid policy took its toll on economic activity.
Long haul imports are said to have suffered from China’s reduced demand leaving VLCCs as the most affected trade, according to Poten & Partners.
Over 320m people in 43 cities in China are still under full or partial lockdowns, according to recent estimates by Japanese investment bank Nomura.
