Foreign media: China is now bearing the sole responsibility of balancing Asia's crude oil demand, filling the gap caused by supply disruptions in the Middle East due to the Iran war.
In July, China's crude oil imports reached 8.41 million barrels per day, higher than June's 7.12 million barrels per day (the lowest level in nearly a decade), yet still down 24.3% year-on-year; the average import volume for June–July was 7.78 million barrels per day, a sharp decline of 4.21 million barrels per day compared to the pre-war three-month average of 11.99 million barrels per day.
During the same period, overall Asian imports dropped by approximately 4 million barrels per day, roughly matching China’s decline. With strategic reserves of at least 1.2 billion barrels, China has the capacity to sustainably suppress its imports.
Crude oil imports are expected to slightly rebound to 5.97 million barrels per day in August, with Middle Eastern sources increasing to 2.71 million barrels per day. However, prospects for September depend on whether the ceasefire agreement for the Strait of Hormuz can be implemented. If negotiations break down, China will continue drawing down its reserves or shift to purchasing from non-Middle Eastern oil-producing countries.
Original article: toutiao.com/article/1873147659848716/
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