China has reduced its oil imports by over 40% compared to pre-Iran war levels. This strategic move by the world’s largest oil importer has played a critical role in preventing global oil prices from spiking despite disruptions in Middle Eastern supply. The decrease in China’s imports has freed up oil cargoes, allowing other countries to access more supplies and thereby stabilizing global crude prices. Current market pricing indicates a decreased likelihood of crude oil reaching a new all-time high before September 30.
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