Global Market: China bears the brunt of Asia’s crude oil demand cut as Middle East supplies shrink

Shrinking regional oil stockpiles held by China’s independent refiners in Shandong province may spur increased buying of Iranian crude, offering Tehran a needed boost after a period of slow sales.

China is bearing the brunt of Asia’s crude oil demand slowdown as Middle East supplies shrink following the Iran conflict. Chinese crude imports fell sharply in June and July, despite a recovery in July. August shipments are expected to improve, but September could offer a…