Goldman Sachs predicted that as oil prices remain high, China’s oil imports will continue to stay at low levels in the coming months.

Based on a note by the bank’s analysts, imports to China in the last three months of the calendar year will rise only “modestly,” by about 600,000 barrels per day compared with the three months prior.

The market sees the rapid return of China’s purchasing as a possible factor for a “significant increase” in oil prices, but Goldman Sachs considers that unlikely.

The note states: “We believe the most significant upside risk to the oil price forecast is the potential escalation of attacks on oil production and export infrastructure in the Middle East—not an increase in China’s oil imports.”

Brent crude has risen by about 36% since the start of the U.S.-Israel war with the Islamic Republic in Esfand.