China, the world’s largest importer, is driving this trend by tempering its activity. Kpler data indicates Chinese imports dropped to 5.8 million bpd in June, down from 6.8 million bpd in May. Having entered the conflict with a stockpile exceeding 1.2 billion barrels, Beijing has successfully avoided panic-buying at inflated prices, opting instead to leverage its existing reserves.

Elsewhere, refiners across Asia have hit a plateau. After a flurry of spot purchases of Saudi, Iraqi, and UAE crude earlier this month, buyers have paused. Having secured sufficient non-Middle Eastern supplies to cover July and August, refiners are currently shielded from the necessity of immediate, high-cost spot acquisitions. Market attention now shifts toward China’s procurement strategy, specifically whether a price floor near $70 per barrel will trigger a new wave of strategic stockpiling.