China's Oil Buying Habits Remain Cautious Amid High Crude Prices

China's refiners have been cautious when it comes to buying oil, keeping purchases below pre-Iran war levels despite crude prices staying above $90 per barrel. Analysts and industry consultancies estimate that imports are edging back toward 10 million barrels a day. This is a significant increase from the reduced fuel shipments China implemented during the worst months of the war.

The world's top oil importer, China, played a crucial role in keeping crude prices low by reducing fuel shipments and tapping into ample commercial stockpiles during the conflict. Now, as crude prices remain high, the question is whether China will return to its pre-war buying habits.