China’s oil imports rise 6.2% in August month on month

China’s crude oil imports rose in August as Gulf flows gradually improved and refiners increased purchases from alternative sources. Chinese customs data showed oil imports reached 37.9 million tonnes, up 6.2% from July, but still 23% below August levels last year. Chinese refiners increasingly turned to Russian crude in an effort to mitigate the risks of shipping through the Strait of Hormuz, while Gulf supplies began a gradual recovery after the sharp decline that followed the outbreak of the war. China, the world’s biggest oil importer, cut seaborne crude shipments to seven million barrels a day in July and August, from more than 11 million barrels a day in February. Beijing’s vast reserves, estimated by Kpler at about 1.17 billion barrels, also helped reassure markets.