Chinese crude imports fell by 2.5mn b/d (19%) from June’s near-record 12.73mn b/d to 10.33mn b/d for July. This nevertheless leaves average imports for the first seven months of 2023 at 11.27mn b/d, up 12.5% year-on-year and on track to smash 2020’s annual record of 10.86mn b/d.
June’s 12.73mn b/d, the second highest figure ever after June 2020, included a record 2.56mn b/d from Russia and 1.51mn b/d from ‘Malaysia’, with the latter thought to be mostly disguised Iranian volumes (MEES, 21 July). Figures from data intelligence firm Kpler indicate a fall in Russia imports of around 500,000 b/d for July, to what would nevertheless still be the fourth highest figure ever, as Russia cuts export volumes (MEES, 4 August). (CONTINUED - 124 WORDS)