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China's crude oil imports decline
China's crude oil imports in June are heading for their lowest level since October 2016, amounting to around 6.4 million barrels per day, a decrease of about 8% compared to May. This decline is due to reduced demand caused by weak economic growth and a shift by consumers toward electric vehicles, leading China to cut back on oil purchases and scale down refining operations in an effort to balance with falling oil prices below $100 per barrel.
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