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Russia retains spot as top crude supplier to China in July

Oil

China imported 1.18M b/d of crude from Russia in July, and while this was down 100K b/d from June, it was up 413K b/d y-o-y, China customs data showed. In comparison, China's oil imports from Saudi Arabia, the second biggest crude supplier, stood at 944K b/d in July (+4K b/d m-o-m, -8K b/d y-o-y). Meanwhile, China's oil imports from West Africa fell to a 7-month low of 1.35M b/d (-156K b/d m-o-m, -14K b/d y-o-y) while that from the Caribbean and Latin America also declined to 1.11M b/d, down 307K b/d m-o-m but up 65K b/d y-o-y.