China imported record amounts of crude from Russia and Saudi Arabia in June, but surpluses pushed net transport fuel exports above 1mn b/d. Chinese apparent oil demand - crude production plus net oil imports - fell by 330,000 b/d in June from May to 13.4mn b/d, as products exports increased (see table). Net crude imports rose marginally from May to 9.64mn b/d in June. Imports from Saudi Arabia rose to 1.88mn b/d, customs data show, beating a previous high of 1.72mn b/d in March. Saudi Arabia has been China’s fastest-grow- ing source of crude this year, boosting shipments by 440,000 b/d in the frst six months compared with a year earlier (see chart).
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