China cut oil imports hard — and why it is not and may never rush back. China cut crude imports from 11.7 million b/d in February to just under 9 million by late May, and by May imports hit 7.8 million b/d — the lowest since 2018 — with state refinery run rates at 66.3%, a record low for the dataset. China’s 3.6 million b/d import cut, combined with a 3.5 million b/d surge in non-Gulf exports led by the US, offset about 70% of the lost Gulf barrels. This is why the largest supply disruption in oil-market history produced…