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China's crude imports from the Caribbean and Latin America hit record high

Oil

China's crude oil imports from the Caribbean and Latin America in July surged by 245K b/d m-o-m and 645K b/d (105%) y-o-y to a record high of 1.19M b/d, according the country's General Administration of Customs. Growth was driven by higher Venezuelan imports, while a rebound in Colombian purchases and strong y-o-y growth in Brazilian shipments further lifted volumes. Imports from the Middle East dropped by 300K b/d m-o-m to 3.61M b/d but this was still up by 432K b/d. Imports from West Africa rebounded from recent months of subdued y-o-y growth to increase by 216K b/d m-o-m and 180K b/d y-o-y to a year-to-date high of 1.24M b/d.