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China's crude imports from Iraq hit seven-month high but volumes from the Americas fall

Oil

China's crude oil imports from Iraq in August jumped by 173K b/d m-o-m and 160K b/d y-o-y to average a seven-month high of 799K b/d, only 4K b/d below January's multi-year high, data from China's General Administration of Customs shows. The increase came in contrast to a drop in China's overall crude imports in the month to a three-month low of 6.2M b/d. China's imports from the Middle East Gulf decreased by 301K b/d m-o-m to 3.3M b/d (but up slightly on the year) with Omani and UAE crude accounting for much of the decline. Imports of Caribbean and Latin American crude fell the most out of any major supplier, down 573K b/d m-o-m and 52K b/d y-o-y to a three-month low of 614K b/d, as China's intake of Brazilian and Venezuelan crudes dropped.