China’s crude imports recover from 10-year low but Middle East uncertainty lingers
- China’s crude imports rose 23% month on month to 7.2m bpd in July as cargoes shipped during a brief Iran ceasefire window reached Chinese ports
- Persistent uncertainty in the Strait of Hormuz is driving Chinese refiners back to Russian crude, with few prompt alternatives available
- Escalating Red Sea disruption is adding fresh pressure, prompting key Chinese tanker owners to scale back VLCC exposure to the route
Middle East cargo arrivals lifted China’s July crude imports from June’s decade low, but renewed disruption risks are pushing buyers back toward Russian barrels
