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China's crude imports from Saudi Arabia hit multi-year high

Oil

China's crude oil imports from Saudi Arabia in June climbed 577K b/d m-o-m and 343K b/d y-o-y to average a 29-month high of 1.3M b/d, according to China's General Administration of Customs. China's overall imports from the Middle East rebounded from May's almost 2-year low to 3.9M b/d (the second highest volume on record after April's 4.3M b/d). Imports from West Africa were little changed m-o-m and up 46K b/d y-o-y at 1.02M b/d. China's imports from Latin America hit a multi-year high of 546K b/d, buoyed by higher shipments from Brazil. Overall imports from Latin America and the Caribbean were up 343K b/d m-o-m and 266K b/d y-o-y at 942K b/d.