China Crude Oil Imports Rebound in July Amid Ongoing Middle East Turmoil
China's crude oil imports rebounded in July to an average of 8.45 million barrels per day, up 22% from June and marking a significant recovery after three months of subdued purchasing driven by high prices and limited Middle East supply.
The sharp contraction in June had seen imports fall to a decade low, but thanks to China's substantial oil stockpile - estimated at 1.397 billion barrels as of the end of 2025 - the country was able to pause purchases temporarily, helping to keep a lid on global oil prices despite Middle East turmoil.
In related news, Sinopec, the world's top refiner by capacity, has increased purchases of Russia's Far East crude for third-quarter delivery. The state-run company has secured between 30 and 40 shipments of Russia's Eastern Siberia-Pacific Ocean (ESPO) grade, equivalent to 241,000 to 320,000 barrels per day.