China’s oil imports fell about 11 percent in May from a year ago in the steepest drop since November 2013, likely knocking the country off its perch as the world’s top crude buyer – a spot it claimed for the first time in April. Lower imports by China, at a time when markets are expected to be oversupplied following OPEC’s decision to keep its output targets unchanged, dragged down global crude prices on Monday. [O/R] China imported 23.24 million tonnes of crude in May, data from the General Administration of Customs showed. This puts China behind the United States, which imported just under 30 million tonnes last month, according to calculations based on data from the U.S. Energy Information Administration. On a daily basis, China’s imports hit 5.47 million barrels in May, down nearly 26 percent from April’s record 7.37 million barrels per day (bpd). Strong imports in […]