China could survive a few more quarters of weak imports but with what's going on in Russia, Middle East, and Venezuela cut off; they will not remain quiet much longer & something tells me they are going to force Iran into concessions.
GOLDMAN: CHINA OIL IMPORTS LIKELY TO STAY WEAK
Goldman Sachs expects China’s crude imports to remain subdued if oil prices stay elevated, limiting hopes for a sharp demand rebound.
Chinese seaborne imports remain nearly 3 million barrels per day below normal seasonal levels.
Goldman estimates every 1 million bpd change in Chinese imports can move Brent fair value by $4, with Middle East supply disruptions remaining the bigger upside risk.