China’s Crude Oil Imports Surge

China is likely to have increased its crude oil imports this month, with the daily average at 7. 8 million barrels, according to calculations by Kpler, as cited by Bloomberg. Refiners have been buying more Russian crude and have seen more tankers arrive from the Middle East, the report noted.

The figure could add fuel to oil’s rally, as the July average would be a solid increase from the 6. 2 million barrels daily that Chinese refiners imported in June.