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Bearish Demand

China's Crude Import Demand Down 50% Year-Over-Year Amid EV Push

Goldman Sachs, NationofChange, WSLS 10 · Jul 10, 2026 00:00

China's crude import demand has fallen by a staggering 5 million barrels per day year-over-year, a 50% drop, with Goldman Sachs suggesting 10% of this reduction may be permanent due to accelerated EV adoption and strategic inventory drawdowns.