July data for China crude oil imports shows a noticeable drop from 8.79 mbd to 8.16 mbd, as noted in the media:

China’s Crude Oil Imports Fell to a 7-Month Low - Market Realist

A Red Flag For Oil? China’s Crude Imports Drop To 7-Month Low - OilPrice

Does this necessarily mean demand is falling?

If you want to know the whole story, inventories also have to be considered. Ursa monitors Chinese oil storage on a weekly basis, and already knows the change in inventories throughout July.

Ursa’s weekly data set can be used to understand these potential market effects. Sign up for a free evaluation of our China Oil Storage report here.