China's oil imports have fallen sharply. Here's why demand is weakening, how EVs and the economy are reshaping consumption, and what it means for oil prices.

China's crude oil imports in June hit a near 10-year low as refinery operations slowed and domestic demand weakened, compounded by export restrictions to safeguard energy security.

China’s falling oil imports signal a strategic shift from securing crude supplies toward managing costs, strengthening energy security, argues Fu Chengyu.