China is importing record crude oil and condensate, both overall and from Saudi Arabia in May and June, whilst July is set to see a record inflow of US cargoes. China imported a record 47.97mn tons (11.34mn b/d) of oil in May, partly the result of recovery from the Covid-19-enforced slump in activity, but also in reaction to record price discounts offered for April and May-loading Gulf barrels (MEES, 17 April).
Overall Chinese crude and condensate imports for the first five months of 2020, at 10.39mn b/d are now up 4.6% year-on year, a remarkable turnaround for the country that was long the focus of the Covid-19 pandemic. (CONTINUED - 915 WORDS)
