China Cuts Oil Imports 19% In June! Oil’s Demand Drivers Waning While New Supply Coming Online

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We only found this out in hindsight, not in real time, but in June China’s oil imports from Saudi Arabia, their largest source of oil, fell by 19%.

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Also, this week from we got more info about how China’s air traffic at their 20 largest airports is not even back to 40% of pre-pandemic levels. So down 60%.

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