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OIL
China imports of crude oil from Russia fell in July as imports from Malaysia rose to a record high, according to General Administration of Customs data.
- China's seaborne and pipeline imports from Russia fell from 8.43m metric tons in June to 7.46m tons in July and were 7.5% lower on the year. The fall is in line with a broad decline in refinery purchases to the lowest since September 2022 amid weak margins and tepid domestic fuel demand. Year to date imports were up 3% y/y to 62.58m tons.
- Saudi Arabia shipped 6.41m tons of crude oil to China last month, down from 6.82m in June but 13% higher year on year. Year to date imports were down 10% y/y to 46.79m tons.
- Imports from Malaysia have surged 61% y/y to 6.21m tons from 5.9m tons in June. Year to date shipments were 21% higher year on year at 35.68m tons. Malaysia is used as a trans-shipment point for sanctioned cargoes from nations like Iran and Venezuela.
- Imports from Iraq fell to 4.63m tons in June from 5.27m in May.
- There were no 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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