Key facts
- China's crude oil imports increased by 22% in July.
- China's crude oil imports averaged 8.45 million barrels daily in July.
- June saw a decade low in China's crude oil imports.
- China utilized substantial oil inventory stockpiles in June.
- Oil prices rose sharply on Thursday.
- Middle East tensions escalated, influencing oil prices.
- Oil prices remain below last week's peak.
- China purchased at least 10 additional cargoes of U.S. soybeans.
- China continues to secure agricultural supplies.
China's crude oil imports saw a notable rebound in July, increasing by 22% compared to the previous month. The average daily import volume reached 8.45 million barrels per day, recovering from a historic low observed in June. This recovery was facilitated by the utilization of China's substantial oil inventory stockpiles, which had previously helped to moderate global oil prices. In parallel developments, oil prices experienced a sharp surge on Thursday, driven by escalating tensions in the Middle East. This price increase reversed earlier declines seen in the market. Despite the significant rise, oil prices are currently trading below the peak levels reached last week, providing some measure of relief. In the agricultural sector, traders have reported that China has acquired at least 10 more cargoes of U.S. soybeans. This move is part of China's ongoing strategy to secure its agricultural supply chains.