China's crude oil imports to fall sharply

China's crude oil imports in June are heading towards their lowest level since October 2016, reaching 6.4 million barrels per day, a decline of about 8% from May. This decrease is due to the country's reduced purchases and lower refining activity, which have helped stabilize the oil market and calm prices below $100 per barrel. The decline is attributed to sluggish economic growth and a shift toward electric vehicles, which are expected to lead to sustained and permanent declines in oil demand in the near future.

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