China Urges Iran, US to Reopen Hormuz as Crude Imports Slump 32%
Updated
Updated · Al Jazeera English · Sep 17
China Urges Iran, US to Reopen Hormuz as Crude Imports Slump 32%
3 articles · Updated · Al Jazeera English · Sep 17
Summary
Wang Yi urged Iran and the United States to return to negotiations and reopen the Strait of Hormuz after meeting Iranian Foreign Minister Abbas Araghchi in Beijing.
Two key routes for Middle Eastern oil to China are now disrupted after attacks shut a Saudi pipeline to the Red Sea and Hormuz traffic was effectively blocked, driving Chinese oil prices to record highs.
China's crude imports averaged 8.1 million barrels a day in the second quarter, down nearly 4 million barrels, or 32%, from the first quarter as Beijing drew on stockpiles estimated at 1.4 billion barrels.
Those buffers are thinning as refiners raise runs and seek replacement barrels from Russia, Brazil, Africa and elsewhere, but sanctions, crude-quality mismatches, distance and limited supply constrain alternatives.
With refineries processing 13.91 million barrels a day against domestic output of 4.34 million, Beijing is expected to press Donald Trump next week to help restore shipping and steady global oil markets.