Oil Monitor

China's significantly reduced crude oil imports appear sustainable, as the country can maintain refinery operations without aggressive inventory depletion. Meanwhile, ongoing US-Iran tensions continue to support elevated Brent crude oil price forecasts.

Key Takeaways

• 1.China's crude oil imports have significantly dropped, but can be sustained at current lower levels without needing to draw down inventories.
• 2.Rising US-Iran tensions are keeping upward pressure on Brent crude prices, with a forecast of $110 average in 3Q'26.

Table of Contents

• CITI'S TAKE
• ANALYST CERTIFICATION
• IMPORTANT DISCLOSURES
• RESEARCH ANALYST AFFILIATIONS / NON-US RESEARCH ANALYST DISCLOSURES
• OTHER DISCLOSURES