China's crude throughput slumped 10.5% year on year to a two-year low of 12.66 million b/d, or 51.81 million mt, in April, National Bureau of Statistics data showed May 16, as a COVID-19 resurgence hurt oil demand. Crude throughput was the lowest since March 2020, when it was at 11.81 million b/d, following lockdowns after the initial COVID-19 wave. April's throughput fell 8.6% from 13.85 million b/d in March and was below the January-February average of 14.04 million b/d. S&P Global Commodity Insights had expected China's April crude throughput to reach a two-year low amid Beijing's zero-tolerance approach toward COVID-19.
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