China’s crude oil imports ease in July

Oil

China’s crude oil imports fell by 870K b/d m-o-m to 12.13M b/d in July, after previously increasing for three consecutive months to reach a record high in June, according to China customs data. Yet this is still the second highest level on record, and an increase of 2.43M b/d (or 25%) y-o-y. These vast imports come as buyers receive crude cargoes purchased during the oil price collapse at the end of March/ early April, which have now cleared customs since being delayed by severe congestion at major Chinese ports, Reuters report.