China's July crude oil imports set to jump 26% MoM to 7.8 mb/d
After June's 9-year low, imports are rebounding sharply with Saudi and UAE flows surging.
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China’s crude oil imports in July are estimated to rebound by 26% month-on-month to around 7.8 million barrels per day, recovering from June’s 6.2 mb/d—the lowest since November 2015.
Despite the sharp rebound, imports would still remain about 38% below the late-2025 peak levels. Shipments from Saudi Arabia to China have more than doubled this month, while flows from the UAE surged by over 900%, according to Kpler data.
The recovery came as oil flows through the Strait of Hormuz accelerated following the signing of a MoU, but those flows have since slowed again. China’s oil supply is experiencing extreme volatility.
Source: The Kobeissi Letter