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OIL
China imports of crude oil from Russia and Saudi Arabia fell in June but shipments from Malaysia were up near record levels, according to General Administration of Customs data released over the weekend.
- China's seaborne and pipeline imports from Russia fell from 8.91m metric tons in May to 8.43m tons in June and were 20% lower on the year as independent refiners scaled back operations to the lowest level since early 2020. H1 2024 imports were however still up 5% y/y amid refinery interest in discounted barrels due to weaker margins, according to Reuters.
- Saudi Arabia shipped 6.82m tons of crude oil to China last month, down from 7.44m in May and 14% lower year on year. Year to date imports were down 13% y/y to 40.38m tons.
- Imports from Malaysia rose again to 5.9m tons from 5.85m tons the previous month and year to date shipments were 14% higher year on year. Malaysia is used as a trans-shipment point for sanctioned cargoes from nations like Iran and Venezuela.
- Imports from Iraq rose to 5.27m tons in June from 5.12m in May while Angola rose to 2.93m from 1.94m last month.
- There were recorded imports from Venezuela in the month.
Source: Reuters
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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