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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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.