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China crude oil imports rise 22% in July despite softer data

Imports averaged 8.45 million barrels per day last month after rebounding from a decade-low in June, as weak retail sales and industrial output raised demand concerns.

Reported · Written up by our desk · Energy

China started the third quarter with weaker-than-expected economic indicators, adding concerns about crude oil demand even as imports climbed in July, according to OilPrice.

Official data showed retail sales rose 0.6% in July from a year earlier, slowing from 1.0% growth in June and coming in below an analyst estimate of 1.5% from a Reuters poll. Industrial output also missed expectations, increasing 4.5% in July versus 4.8% expected, down from 5.3% in June.

The slowdown follows a second-quarter GDP expansion of 4.3% from April through June, the weakest since 2022, and a broader pattern in July where most indicators undershot expectations. OilPrice said this does not bode well for future Chinese crude demand.

Still, the outlet reported that China is an opportunistic buyer of crude and can stockpile when prices are low. Customs data cited by OilPrice showed July imports rebounded from a decade-low in June, jumping 22% to an average of 8.45 million barrels per day.

Latest closeWTI crude $82.40 ▲1.4%

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