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🇨🇳🇮🇷⚡️ — China’s sharp reduction in crude oil imports during the Iran…
🇨🇳🇮🇷⚡️ — China’s sharp reduction in crude oil imports during the Iran War has helped prevent a major spike in global oil prices, despite the prolonged disruption of the Strait of Hormuz, WSJ writes. China’s imports fell from around 11 million barrels per day to 7.8 million in May, with the missing roughly 3 million barrels offset by lower fuel demand due to the growth of electric vehicles and high-speed rail, reduced refinery activity, greater reliance on coal-based petrochemicals, and a gradual drawdown of strategic and commercial oil reserves. Analysts warn, however, that China’s reduced imports may not be sustainable indefinitely. Petrochemical production has slowed, reserves are being depleted, and Beijing may need to return to the global oil market in the coming months, potentially placing renewed upward pressure on prices.
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