Chinese Clean Product Imports Slip, Russia Remains China's Top Oil Supplier
China's clean product imports slipped by 4K b/d m-o-m in August to 273K b/d, but were still up 65K b/d y-o-y. Despite a rise in diesel imports by 19K b/d m-o-m, volumes were offset by lower naphtha and kerosene imports, down 4.6% and 14% m-o-m respectively. Furthermore, fuel oil imports rose by 91K b/d m-o-m and 95K y-o-y to 287K b/d, the highest since May 2016. Meanwhile, Russia remains China's top crude supplier for the six straight month, with 1.046M b/d, down 11% m-o-m and 4.5% y-o-y, however still up by nearly 6% from Angola's, second largest exporter to China, corresponding crude exports to China of 988,000 b/d.