China was the solution, and now it has become a problem: there is more and more oil

China's decline in oil imports was one of the main reasons why oil prices stayed below $ 100 per barrel during the Iranian war. However, the Strait of Hormuz is being opened, but Chinese companies are not increasing purchases, but on the contrary, they are selling oil.

"Saudi Arabia is simultaneously loading four supertankers into The Persian Gulf. Two started loading yesterday at the mooring of Juaima. This morning, the other two seem to be loading up on the sea islands of Ras Tanura, the largest oil terminal in the world," Bloomberg columnist Javier Blas writes in X about how Saudi Arabia is resuming exports after shipping began in The Strait of Hormuz.

According to AIS vessels, on the morning of June 26, the Strait of Hormuz passed from There are at least ten tankers in the Persian Gulf — through Iranian and Omani waters.

There is more oil on the market and the Brent benchmark quotes have dropped to the pre—war level - $ 72-$ 73 per barrel.

China helped to keep prices down during the Iranian war, which sharply reduced imports. In May, it reached a five-year low. At the same time, China is not increasing purchases now, which threatens a new price reduction.

"The strike of oil imports by Beijing continues: Chinese companies sold West African crude oil on Thursday, with several varieties from Nigeria and Angola reaching the highest discount in the last 15 years compared to the benchmark Dated Brent. If China doesn't show up very, very soon (or Iran doesn't step up its game in In the Strait of Hormuz), the physical oil market will get hot," writes Javier Blas.

"China was the solution, and now it's becoming a problem," the Oil Bandit noted on the social network.