Foreign Media: China's crude oil imports from the Gulf region saw a significant rebound in July following the temporary ceasefire with Iran, but prospects are now tightening.
Customs data shows that China's crude oil imports from Gulf countries doubled month-on-month in July, with import value rising by 60.1%. The share of imports from Gulf nations in China's total crude oil imports increased by over 10 percentage points to 27.6%, up from the previous month. Total crude oil imports for the month rose by 22.1% to 35.73 million tons.
Economist Intelligence analysts point out that the surge in imports was primarily driven by the temporary ceasefire in the Strait of Hormuz between June and July, along with lower oil prices during that period. However, given renewed disruptions in strait shipping and a rebound in oil prices, this upward trend is unlikely to be sustained.
Original Source: toutiao.com/article/1874126847170572/
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