The Kobeissi Letter(@KobeissiLetter):BREAKING: China's crude oil imports are estimated to rise +26% MoM in July, or ~1.6 million barrels per day, to ~7.8 million barrels per day. This follows June's decline to ~6.2 million barrels per day, the lowest since November 2015. However, imports would still remain ~4.8 million barrels per day, or 38%, below late-2025 peak levels. Furthermore, oil shipments from Saudi Arabia to China have more than doubled this month, while flows from the UAE have surged by more than +900%, according to Kpler. The recovery comes as oil flows through the Strait of Hormuz accelerated when the MoU was signed, but has since slowed again. China's oil supply is seeing extreme volatility.

2026.07.27 21:34

BREAKING: China's crude oil imports are estimated to rise +26% MoM in July, or ~1.6 million barrels per day, to ~7.8 million barrels per day. This follows June's decline to ~6.2 million barrels per day, the lowest since November 2015. However, imports would still remain ~4.8 million barrels per day, or 38%, below late-2025 peak levels. Furthermore, oil shipments from Saudi Arabia to China have more than doubled this month, while flows from the UAE have surged by more than +900%, according to Kpler. The recovery comes as oil flows through the Strait of Hormuz accelerated when the MoU was signed, but has since slowed again. China's oil supply is seeing extreme volatility.