Earnings at China’s State Majors Signal Tepid Demand for Oil Imports

China’s biggest state-owned oil and gas corporations reported this week record-high profits, but the outperforming upstream divisions at all majors masked their weak refining businesses which reflected tepid Chinese fuel demand. China’s crude oil imports fell by 2.4% between January and July compared to the same period of 2023. Oil imports in July were down by 12% from June and by % from July 2023, raising concerns about the country's economic health and future oil demand. The earnings reports of the top Chinese oil and gas firms, Sinopec,…