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China’s Crude Imports From West Africa and Russia Climb

Oil

China’s crude oil imports from West Africa in May rose by 365K b/d m-o-m and 776K b/d y-o-y to a multi-year high of 1.82M b/d, according to data from the country’s General Administration of Customs.  Imports from Russia also grew, with the country supplying a record 1.36M b/d, 204K b/d higher m-o-m and 116K b/d higher y-o-y. China's overall crude imports in May were up by 391K b/d m-o-m and 1.17M b/d y-o-y to a 2-month high of 8.80M b/d. Other regions which also supplied more to the country included, i) the Middle East (+49K b/d m-o-m and 55K b/d y-o-y to 3.73M b/d), ii) the Mediterranean (+19K b/d m-o-m and 112K b/d y-o-y) and iii) North America, as although imports were down by 18K b/d m-o-m they were still the second-highest on record and up by 193K b/d y-o-y. The most significant decline in imports was from Asia, with shipments down by 197K b/d m-o-m and 58K b/d y-o-y, while imports from the Caribbean and Latin America also slipped by 80K b/d m-o-m to a 4-month low of 1.10M b/d.