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Supertankers to China Slow on Sluggish Week for Its Oil Outlook

OIL

Supertankers signalling China as their next destination is at an eight week low of 117 according to Bloomberg vessel tracking – the lowest since early April.

  • Refinitiv placed Chinese crude oil imports at 11.22 million bpd in May, up from 10.36 million bpd in April but down from a 34-month high of 12.37 million bpd in March.
  • Oil struggled earlier this week because of signs of economic weakness out of China.
  • The manufacturing indicator, the official Purchasing Managers' Index (PMI), dropped to a five-month low of 48.8 points in May, according to the National Bureau of Statistics.
  • Wobbles in the Chinese economy will be in the forefront of decision making at this weekends OPEC+ meeting.
  • It has formed the biggest contributor for 2023 global oil demand growth expectations in OPEC monthly reports this year.
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