China bought at least 26mn barrels for July‑August delivery from Qatar, Saudi Arabia, the United Arab Emirates and Iraq, far above the usual 5.5mn bpd it sourced from the Middle East before the Iran war, according to Argus.

Saudi Aramco cut prices on all grades on Monday, pushing the discount on its flagship Arab Light to the deepest level since June 2020. Analysts say the cheaper grades will lift Chinese buying, but Beijing is wary of signaling a full restocking that could reverse recent price falls.

Commercial inventories in China have been drawn down by roughly 1mn b/d in May and June, Oxford Institute for Energy Studies estimates, and need rebuilding. Middle Eastern crude normally supplies about half of China’s imports, yet flows fell to their lowest in nearly a decade in April, Kpler data show.

The partial reopening of the Strait of Hormuz after a US‑Iran ceasefire has raised Gulf supply availability. However, China’s export controls on gasoline and jet fuel remain in place, limiting how much crude its refiners can process. Analysts say a sustained rebound in Chinese crude imports hinges on lifting those product export caps, and Beijing is likely to proceed cautiously.