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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 December surged by 218K b/d m-o-m and 226K b/d y-o-y to a record 1.3M b/d, China Customs data shows. Imports were supported by higher inflows of Brazilian and Venezuelan crude, as well as a pickup in shipments from Argentina. Imports from the Middle East were up 265K b/d from the prior month to 4.1M b/d, but edged down slightly y-o-y. Imports from Saudi Arabia dipped by 305K b/d m-o-m and 211K b/d y-o-y to a 19-month low of 845K b/d. China’s intake of West African crude decreased by 120K b/d m-o-m but was up by 122K b/d y-o-y at 1.1M b/d.