LAUNCESTON, Australia, - China is singlehandedly doing the heavy lifting of cutting crude oil demand in Asia to compensate for reduced shipments from the Middle East as a result of the Iran war. The world's biggest oil importer reported arrivals of 8.41 million barrels per day (bpd) in July, up from the near decade low of 7.12 million in June but still 24.3% below July last year.
If June and July imports are combined, it gives an average of 7.78 million bpd for the past two months.
