China's July crude imports rebound to 7.8 million bpd, Saudi and UAE shipments surge

China's July crude oil imports rebounded from a more than 10-year low. Preliminary figures show daily imports of about 7.8 million barrels, up from a low of 6.2 million barrels per day in November 2015.

After a temporary ceasefire between the US and Iran last month, oil flows in the Persian Gulf increased significantly. However, with the recent reignition of fighting, shipping through the Strait of Hormuz has been affected. Houthi rebels backed by Iran have threatened Red Sea shipping, posing export risks for Saudi Arabia.

Saudi shipments in July more than doubled, UAE shipments surged more than tenfold, and Russian shipments rose 10%. Before the full outbreak of the US-Iran conflict on February 28, China's total crude imports were 12.6 million barrels per day, including up to 1 million barrels per day via pipeline.