New Delhi, June 11 -- While US inventories and China's lower crude imports have helped ease pressure in the global oil market, falling refinery activity and increasing domestic demand constraints may tighten supplies if China increases imports in the coming months, according to a report by ANZ.

China's crude imports have dropped from about 12.5 mb/d to around 2.5 mb/d after the Strait of Hormuz closure, resulting in an estimated cumulative savings of over 60 mbbl compared to pre-escalation levels, as per the report.

"Assuming imports would have stayed at the levels they were at prior to late February's escalation of the Middle East conflict, the cumulative amount saved by China's reduced purchases is more than 60mbbl," the report said....