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China’s crude import shifts could steer oil prices through year end

OilPrice says China cut crude imports by about 4 million barrels per day over the past four months, helping cap price spikes even as Middle East supply disruptions persisted.

Reported · Written up by our desk · Energy

China’s demand for crude imports and the pace of its refined products exports are expected to be key drivers of oil price direction through the end of the year, OilPrice reports.

The outlet says decade-low Chinese crude imports have eased upward pressure on prices in recent months, despite the worst supply disruption in oil markets tied to the Middle East.

OilPrice notes that China’s reduced crude import demand capped price hikes after the Iran war began, pointing to imports being slashed in response to $100-plus oil prices and extreme volatility early in the conflict.

Over the past four months, China removed about 4 million barrels per day of import demand while supply remained constrained at the Strait of Hormuz, and OilPrice says China typically buys less when prices rise above roughly $80 per barrel and ramps up in the $60 to $70 range.

Latest closeWTI crude $79.00 ▼0.8%

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