⛽ China single-handedly manages Asia's oil demand
China is currently offsetting reduced crude oil shipments to Asia due to the Iran war fallout. China reported oil arrivals of 8.41 million barrels per day in July, which is still 24.3% lower than July of last year. The U.S. and Israel attacked Iran on February 28, effectively closing the Strait of Hormuz. This loss in Middle Eastern imports is being balanced by China's reduced demand for the past two months. Imports might see a mild recovery in August as cargoes from the brief ceasefire arrive. ⛽