*Russia remained well ahead of Saudi Arabia as top crude supplier to China for July with 1.90mn b/d, some 570,000 b/d ahead of Saudi Arabia on 1.33mn b/d. Russia has now been top for five of the first seven months of 2023 with a 7M 2023 average of 2.09mn b/d, some 300,000 b/d ahead of Saudi Arabia’s 1.79mn b/d. As such, Russia, which last secured top supplier spot on an annual basis back in 2018, and has been number two behind Saudi Arabia every year since, looks set to regain top spot for 2023 as a whole.
*Whilst Russia retained its lead over Saudi for July, both of China’s top two suppliers saw a 600,000 b/d-plus slump in volumes as China’s overall imports fell to a 13-month low of 10.33mn b/d (see chart 1). (CONTINUED - 897 WORDS)
