{"id":495317,"date":"2026-06-12T02:43:24","date_gmt":"2026-06-12T02:43:24","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/495317\/"},"modified":"2026-06-12T02:43:24","modified_gmt":"2026-06-12T02:43:24","slug":"chinas-reduced-oil-purchases-help-keep-global-prices-lower","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/495317\/","title":{"rendered":"China\u2019s reduced oil purchases help keep global prices lower"},"content":{"rendered":"<p>China is propping up the global economy <a href=\"https:\/\/www.wsj.com\/business\/energy-oil\/china-is-propping-up-the-world-economy-by-importing-a-lot-less-oil-f12d7813\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">by buying a lot less oil<\/a>, though analysts questioned how long Beijing would maintain its modest rate of purchases as it draws down on reserves. <\/p>\n<p>China\u2019s oil imports have fallen by almost 5 million barrels a day \u2014 equivalent to roughly 5% of global supply \u2014 since the start of the Iran war, helping tame already high crude prices. <\/p>\n<p>Experts believe <a href=\"https:\/\/x.com\/JavierBlas\/status\/2057457557447364914\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">demand destruction<\/a> in the world\u2019s second-biggest economy only partly explains the reduction in oil imports, and warned that if Beijing <a href=\"https:\/\/www.cnbc.com\/2026\/06\/08\/china-oil-iran-war-us-israel-energy-prices-strait-hormuz.html\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">resumed its pre-war level of crude purchases<\/a> while the Strait of Hormuz remained shut, the global economic consequences could be devastating.<\/p>\n<p><img src=\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2026\/06\/730554cd57a9e5a620ee91a095b42d63d6985c9c-1443x1179.avif.jpeg\"  alt=\"A chart showing Asia\u2019s oil imports. \" width=\"740\" height=\"604\" decoding=\"async\" loading=\"lazy\" fetchpriority=\"high\" class=\"_imageEmbed_1jdgl_38 _fullContentArea_1jdgl_42\" style=\"max-width:100%;color:transparent\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"China is propping up the global economy by buying a lot less oil, though analysts questioned how long&hellip;\n","protected":false},"author":2,"featured_media":495318,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-495317","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/495317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=495317"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/495317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/495318"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=495317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=495317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=495317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}