BREAKING: China’s crude oil imports dropped -41% YoY in June, to 29 million tons or 7 million barrels per day, the lowest in 10 years. MoM, oil imports fell by -4 million tons, or -12%, to the weakest level in 8 years. Import volumes have now declined -26 million tons, or -47%, since the late-2025 peak. By comparison, the average between 2020 and 2025 was ~45 million tons per month. Meanwhile, China's seaborne crude imports stood at around 6 ⁠million barrels per day in June, with imports from the Middle East falling to their lowest in 10 years. At the same time, Iranian oil imports fell -40% MoM, to below 800,000 barrels per day. The Iran War has created a historic supply shock.(The Kobeissi Letter)