Overview
- Official customs data show crude imports dropped 20% year over year in April to 38.471 million tons, the lowest level in nearly four years.
- Ship-tracking firm Kpler estimated seaborne arrivals at about 8.03 million barrels per day in April, the weakest pace since July 2022.
- Refined fuel exports fell to 3.119 million tons, roughly one-third below March and the lowest in nearly a decade, after tighter controls to protect domestic supply.
- Central News Agency reporting linked the slowdown to a closure of the Strait of Hormuz that reduced tanker movements and strained regional deliveries.
- Trade flows are shifting as Brazil’s shipments to China hit about 1.43 million barrels per day in April, lifting its share to roughly 18% even as analysts said a lasting slowdown could temper global oil prices.