China’s oil imports during the first half of the year slumped 11% year-on-year to 9.9mn b/d. Imports from the Middle East slumped by 37% to just 3mn b/d, the lowest level since 2007 (MEES, 24 July).
Beijing’s decision to reduce oil imports amid the Middle East conflict has helped mitigate the global impact of the supply shock. Prior to the resumption of the conflict this month, analysts had been predicting a recovery in Chinese demand, but that has now been thrown into doubt. (CONTINUED - 121 WORDS)