Chinese crude oil imports fell again to just 10.01mn b/d for July, the lowest figure since October 2022. Average volumes of 10.93mn b/d for 7M 2024 are down 3.0% year-on-year.
Saudi Aramco had cut June nominations for Chinese term customers to a five-year low of around 36mn barrels (MEES, 17 June), with these June loadings translating into the weak July arrivals. July allocations stayed at low levels, but Aramco boosted August nominations to 46mn barrels and kept them at 42.5mn barrels for September, pointing to a rebound in arrivals from September onwards. (CONTINUED - 458 WORDS)
