Chinese crude imports fell to their lowest level since 2018 as the country relied more heavily on strategic reserves and reduced purchases from major Middle Eastern suppliers, creating a bearish outlook for oil demand.

China's crude oil imports dropped to 7.8 million bpd, down 33% from pre-war levels. Analysts say hundreds of thousands of barrels per day may never recover.

Iran slashes crude oil prices for Chinese refiners as shipments surge after the US-Iran peace deal, with ripple effects hitting global oil and crypto