China, the world’s top crude oil importer, will raise its non-state crude oil import quota for 2021 by 20% on-year to 243 million tonnes, the country’s commerce ministry said

Saudi Arabia’s crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic.

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled

Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report

Oil prices were little changed, hovering near their highest levels since early March after US President Donald Trump soothed jangled nerves over US-China trade

Global oil producers would welcome a demand recovery in China, the world’s top crude oil buyer, but not it may not be enough to alleviate a massive global supply glut

The International Energy Agency (IEA), the energy watchdog for the world’s most industrialised nations, may announce purchases of up to several million barrels to buoy the deal

The energy watchdog said it expected oil demand to be 99.9 million barrels per day (bpd) in 2020, lowering its annual forecast by almost 1 million and signaling a contraction of 90,000 bpd