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Xinyi Wu

China’s crude imports rebounded in July following a temporary ceasefire in the Strait of Hormuz, though analysts are doubtful the trend will continue as oil prices rise again.
Chinese imports of crude from Gulf nations doubled month on month in July in terms of volume, while the value of those shipments rose 60.1 per cent, official customs data showed on Thursday.
Purchases from the Gulf – dominated by Saudi Arabia and the United Arab Emirates – accounted for 27.6 per cent of China’s total crude imports in July, rising over 10 percentage points from the month before.
“The oil flow was likely due to the temporary ceasefire in June and July, as well as lower oil prices during that period,” said Chim Lee, senior analyst at the Economist Intelligence Unit.
“Given that traffic in the Strait of Hormuz has declined again and oil prices have gone up, we’re sceptical that imports will continue to rise as much as it did on a sequential basis,” he added.
In July, China’s total crude imports rose 22.1 per cent month on month to 35.73 million tonnes.

The surge came after the June 17 memorandum of understanding (MOU) signed between the United States and Iran led to a brief uptick in activity in the Strait of Hormuz, a vital shipping lane where traffic had come to near standstill.
The global crude benchmark Brent fell to around US$71 per barrel in early July, its lowest level since the war in Iran began in late February.
However, the brief truce collapsed as both sides launched fresh attacks. The MOU expired on Monday without an extension or final agreement, pushing Brent back above US$90.
Despite the uncertain outlook, Lee said that China’s oil reserves likely remained healthy even though they had declined in recent months.
“We believe China can sustain its drawdown, if need be, for the remainder of the year with relatively limited impact on its economy,” he said.
Xu Muyu, a senior crude oil analyst at trade intelligence firm Kpler, however, noted that Chinese refiners had planned to raise run rates – the volume of oil processed by oil refineries – which could see China’s onshore inventories draw down at a faster pace.
“They therefore need to secure alternative barrels that are more likely to arrive on time,” she said, pointing to Russia as an alternative source to Middle Eastern crude.
China resumed purchasing more crude from Russia, its biggest foreign supplier, last month for the first time since April.
Beijing had accelerated imports of Russian crude earlier this year to bolster its reserves, but that buying spree slowed as global energy shocks from the Hormuz crisis also drove Russian crude prices higher.
China’s crude imports from Russia rose 5.2 per cent year on year by volume in July, customs data showed.
While China’s seaborne crude inventories this month might rise marginally from July, Xu said that “under current conditions, it’s unlikely that China’s imports or buying will increase significantly”.


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Purchases from the Gulf accounted for 27.6 per cent of China’s total crude imports in July, up over 10 percentage points from the month before


Purchases from the Gulf accounted for 27.6 per cent of China’s total crude imports in July, up over 10 percentage points from the month before.


China’s Gulf oil imports rebound in July after Iran ceasefire, but tighter outlook looms

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Purchases from the Gulf accounted for 27.6 per cent of China’s total crude imports in July, up over 10 percentage points from the month before

Purchases from the Gulf accounted for 27.6 per cent of China’s total crude imports in July, up over 10 percentage points from the month before