China's oil imports drop to the lowest since 2016 amid the Iran conflict. Crude oil reaching a new all-time high by September 30 at 5.1% YES.

China's crude oil imports fell to their lowest level in a decade as higher prices and weaker refinery demand reduced purchases amid renewed Middle East supply risks.

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