OECD crude imports increased in July by about 0.3m bpd, up 1% month on month to average 30.6m bpd. Declining imports to OECD North America and Europe were to a large extent counteracted by an increase in Japanese imports where demand for residual fuel oil and crude for power generation remained robust. According to official Chinese data, crude imports fell slightly m-o-m to average 3.0m bpd in July. This reflects a fall in demand as industrial activity was curtailed in an effort to curb pollution in the run up to the Olympics. Crude imports to India remain robust, with year on year growth of 3.6% currently forecast. The adds weight to the IEA's assertion that the consumer-end price rises in July will do little to affect annualized demand for imports.
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