The number of large oil tankers heading to China has dropped to its lowest in nearly two years, indicating weaker demand for oil in the world’s second-largest economy. According to Bloomberg, only 86 supertankers are currently en route to China over the next three months, a decrease of five from last week. This is the lowest weekly figure since August 2022, based on data compiled by Bloomberg.

The forecast for Chinese oil demand in the second half of this year has been weak for some time. China’s industrial sector has recently shown renewed signs of contraction, continuing to struggle. This raises uncertainty about whether China can meet its economic growth targets for the year. The situation may exert downward pressure on global oil prices, although the extent of this impact is difficult to predict at present.

Additionally, Bloomberg notes that fourteen tankers are heading to Angola, the highest number since the end of April. Angola has been ramping up its oil exports since the African nation exited the OPEC oil cartel earlier this year.

Overall, nearly 550 supertankers worldwide have their destinations known for the coming months, though their schedules may still change. Bloomberg also identified 37 tankers whose destinations remain unclear.