China is shouldering much of the reduction in crude oil demand across Asia as shipments from the Middle East have fallen sharply following the Iran conflict, with the world’s largest oil importer significantly cutting its purchases in recent months, Reuters reported.
China imported about 8.41 million barrels per day (bpd) of crude oil in July, according to data cited by Reuters, a recovery from the near-decade low of 7.12 million bpd recorded in June. However, July imports were still 24.3% lower than a year earlier.
