China’s Crude Imports Bounce Back After Historic June Slump

China’s crude oil imports reversed an earlier decline, rising by 22% from June to an average daily of 8. 45 million barrels, or a total of 35. 73 million tons, Bloomberg reported today, citing customs data.

China slashed its total crude oil imports to a decade low in June, culminating three months of very low import levels amid high prices and constrained supply from the Middle East. Beijing could afford to dramatically reduce its crude buying, slashing import volumes in June by an estimated 4.