China imports record levels of US crude oil in July

Oil

China’s crude oil imports from the US shot up by 720K b/d m-o-m and 500K b/d y-o-y to reach a record high of 870K b/d in July, as total imports fell by 870K b/d m-o-m to 12.13M b/d for the month, according to China customs data. Russia was China’s top supplier, despite imports falling by 200K b/d m-o-m to 1.75M b/d, overtaking Saudi Arabia who delivered 1.27M b/d, which is down by 900K b/d m-o-m. Loadings from Iraq fell by 100K b/d m-o-m to 1.37M b/d, however this is still an increase of 360K b/d y-o-y.