China's crude oil imports rebounded to about 7.8 million barrels per day in July, up from a multi-year low of 6.2 million barrels per day in June, according to a report. Depressed Chinese demand has been a key factor holding back oil prices amid the Middle East blockades.
China's crude oil imports rebounded to about 7.8 million barrels per day (bpd) in July, up from a multi-year low of 6.2 million bpd in June, according to a preliminary report. The recovery marks a reversal of the sharp decline seen in previous months.
As The Zioneer reported earlier this month, China's crude imports fell more than 40% year-on-year in June, driven by a ban on refined fuel exports that kept refinery runs low. The ban was lifted in late June, which analysts expected to boost import demand. The July data appears to confirm that recovery.
The rebound in Chinese demand comes as the Middle East remains under a US naval blockade that has reduced crude exports from Iran and tightened global supply. The depressed Chinese imports over the past two months were cited as a key factor preventing oil prices from rallying further despite the supply disruptions. The July data suggests that headwind may be easing.
The report did not specify the source of the July import figures, and the data is likely preliminary. Further confirmation from official Chinese customs data is expected in the coming weeks.
- DevelopingChina crude imports fell again in June, down over 40% year-on-year
- DevelopingReport: Iran exported over 80 million barrels of oil in 26 days before US reimposed blockade
- DevelopingBessent claims China's Iranian oil purchases have dropped significantly
- DevelopingReport: Iran's oil exports surged 194-fold after US lifted blockade in June
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