Chinese oil imports at near-decade low helping tamp down global crude prices

Chinese crude oil imports have dropped significantly, helping to suppress global prices below $100/bbl despite Middle East tensions. Morgan Stanley and S&P Global report a sharp decline in seaborne arrivals, attributed to strategic destocking and production cuts. While EVs and renewables provide a buffer, analysts warn that sustained low demand is unsustainable. Meanwhile, tentative ceasefire talks and Russian production declines further influenced markets, with Nymex crude falling 3.1% to $93.04/bbl.