China’s crude oil imports reach fresh record high in June

Oil

China’s crude oil imports increased by 1.65M b/d m-o-m to 12.99M b/d to a fresh record high in June, according to China customs data. This is 3.32M b/d (or 34%) higher than the same month last year, and the first time that imports have gone above 12M b/d. The record levels come as buyers receive cheap cargoes ordered in late March/ early April during the oil price crash, reports Reuters.