China is quietly reshaping the dynamics of the global oil market. In April, China's crude oil imports dropped 20% month-on-month, falling to 8.2 million barrels per day—the lowest level in at least two years. Previously, due to geopolitical factors, imports had already declined by 30% (a reduction of 3.5 million barrels per day) from the pre-war level of approximately 11.7 million barrels per day. This drop is nearly equivalent to Japan's total daily oil consumption and more than twice the supply capacity of the UAE pipeline bypassing the Strait of Hormuz. At the same time, Chinese state-owned enterprises are reselling crude oil cargoes to buyers in Europe and Asia. Despite the global supply shortage, their inventories remain well-stocked.