China imported 9.97 million barrels of oil daily last month on average, which was 12% lower than the June figure and 3% lower than the daily import average for July 2023. The data will likely stoke fears about the strength of demand in the world’s largest oil importer and pressure prices. The July decline follows an 11% annual decline in crude oil imports reported for June, although that decline was from a record high booked for June 2023. In the first half of 2024, crude arrivals also dropped, by 2.3% compared to the first half of last year,…
