China's crude oil imports plunged 41.3% in June to their lowest level since 2016, effectively capping global price hikes despite Middle East supply disruptions. However, imports are expected to recover in July to an average of 7.8 million barrels per day. This projected surge is driven by increased refinery purchases of Russian crude and a higher volume of tanker arrivals from the Middle East.
China's crude imports are expected to rebound to 7.8 million bpd in July as refiners ramp up purchases from Russia and Middle Eastern suppliers.
Read the full storyChina's crude imports hit a ten-year low, acting as a bearish counterweight to supply risks and geopolitical premiums in the Middle East.
China's crude oil imports plunged 41.3% year-on-year in June to 7.12 million barrels per day, marking the lowest level since October 2016.