China has imported a total of 51.29 million crude oil tons in July, expanding 25 percent since a year ago.
According to SCMP The central government cut petrol prices by 530 yuan a tonne (HK$650) and diesel prices by 510 yuan a tonne, the National Development and Reform Commission said. They are the biggest single price cuts since December 2008 at the height of the global financial crisis, when crude oil prices nosedived.
Chinese state-owned oil firms have booked crude oil tankers to carry at least 20 million barrels of U.S. crude for August and September, moves intended to ease U.S. concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal. China Oil Deals.
China’s Cheap Oil Buying Spree around the world.
Is oil a good indicator of economic activity?
Unlike the U.S.A, which is straddled with Crude oil as an indicator of economic activity, China has been diversifying away from crude oil and into natural gas and clean energy. So being able to use crude oil imports with china as an economic indicator is a bit more tricky.