China Oil Import Restraint Tightens Global Refined Product Supply

📉 CRACK SPREADS — China buying less oil is somehow good news for Western refiners. 📌 LOOK CLOSER: China moderating crude imports means fewer refined products exported globally. That tightens supply exactly when Hormuz runs at one-third and European buyers scramble for alternatives. Western refiners gain short-term — but China's restraint is temporary. Normalization floods the market. With Doha unresolved, the unwind trigger is unknown.