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Mon · 09 Nov 2026

China's Oil Demand Hits Three-Year Low as Inventories Surge

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China's Oil Demand Hits Three-Year Low as Inventories Surge

🛢️ BEIJING — The world's top oil buyer is absorbing less crude precisely when the Gulf needs demand most. 📌 LOOK CLOSER: China's lowest throughput since Aug 2022 means rising inventories — weakening Beijing's incentive to pressure Tehran on Hormuz. If China isn't desperate for barrels, Xi has less domestic urgency to act. That quietly undermines the one lever Washington thought the Beijing summit had tightened.

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