Russia remains China’s top crude oil supplier for second consecutive month

Oil

China’s crude oil imports from Russia fell by 370K b/d m-o-m and 50K b/d y-o-y to 1.37M b/d in August, however this was enough to remain as China’s top supplier for the second month in a row, accounting for around 12% of total imports of 11.23M, according to China customs data. Saudi Arabia was the second largest supplier, with China importing 1.24M b/d, a decline of 20K b/d m-o-m and 600K b/d y-o-y, and the lowest level since May 2019. Volumes from the US fell by 340K b/d m-o-m, but increased by 290K b/d y-o-y, after previously reaching a record high in July.