Oil: Asia crude imports hit high as China, India gorge on Russian oil - Times of India
[ad_1]
LAUNCESTON: Asia's crude imports lifted to a record high in July as the top-importing region's two biggest buyers, China and India, continued to take large volumes of discounted Russian oil . A total of 27.92 million barrels per day (bpd) arrived in Asia in July, according to data compiled by Refinitiv Oil Research , eclipsing May's previous record high of 27.35 million bpd and higher than June's 27.53 million bpd. Much of the strength in Asia's imports can be put down to China, with Refinitiv estimating the world's biggest crude buyer saw arrivals of 12.04 million bpd in July, the third consecutive month that imports have been above 12 million bpd. Russia remained the top supplier to China, with pipeline and seaborne arrivals of 2.04 million bpd in July, which was down from June's 2.56 million bpd. However, it was still enough to exceed imports from Saudi Arabia, which Refinitiv estimated at 1.82 million bpd in July, down from 1.94 million bpd ...