- China drew down its crude stockpiles last month, an indication that oil demand in the world's largest crude importer is recovering from severe virus lockdowns
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Onshore crude stockpiles decreased from 1.05 billion barrels in June to 1.02 billion barrels as of July 28, according to data analytics company Kayyros
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The company monitors stockpiles at 237 storage ports and refineries around China using satellite data
- China's inventories grew significantly in 2Q22, reaching their highest level this year due to movement restrictions
- The recent increase in demand could help sustain crude prices around the world, which have dropped by more than 10% over the past few months, but a slowdown in China's economy and the possibility of additional lockdowns may limit the recovery
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- The U.S. announced yesterday that it imposed sanctions on Chinese and other firms that helped to sell Iranian oil and petrochemical productions to East Asia as the U.S. continues to put pressure on Iran to cut back on its nuclear program
- Six companies—four from Hong Kong, one from Singapore, and one from the UAE—were sanctioned by the U.S. Treasury and other state departments
- The move represents the third round of Iran-related sanctions against Chinese firms in the last two months
- Iran’s Foreign Ministry spokesperson said in a statement following the news that Iran will respond “decisively and firmly”