China’s crude oil imports drop for first time since 2001

China’s annual crude oil imports slid 5.4 percent in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories. China has been the global oil demand driver for the last decade and accounted for 44 percent of worldwide growth in oil imports since 2015, when Beijing started