China Oil Imports to Remain Subdued Amid Elevated Crude Prices

Goldman Sachs Group Inc. has downplayed expectations of a sharp recovery in China's oil imports, predicting only moderate growth in the fourth quarter.

According to a note from analysts Yulia Zhestkova Grigsby and Daan Struyven, Chinese oil imports will rise by around 600,000 barrels per day in Q4 compared to the previous three months.

This forecast is based on the assumption that crude prices remain elevated, which Goldman believes could keep oil prices from increasing further.

The bank's analysis suggests that a significant rebound in Chinese oil purchases would be necessary for a substantial increase in oil prices, but this scenario appears unlikely according to their estimates.