- Flow of supertankers headed for the Asian nation drops sharply
- Decline in cargoes adds to concern over China’s demand outlook
The number of supertankers headed for China dropped to the lowest in almost two years, adding to recent concerns about demand in the largest oil importer during the second half of the year.
Only 86 of the tankers are indicating China as their next destination in the coming three months, shrinking by five from last week. That is the lowest weekly tally since August 2022 in data compiled by Bloomberg.
The outlook for Chinese demand this half is showing signs of softness, potentially providing a headwind for crude prices. Concerns include slower-than-expected return of refineries from seasonal maintenance, softer purchases from some key suppliers in July, and a potential drop-off in monthly import volumes.