Russia Retains Position As China’s Top Oil Supplier

Despite higher oil prices and narrower discounts of Russian crudes to international benchmarks, Russia remained the single largest crude oil supplier to China in July, ahead of its OPEC+ partner Saudi Arabia, according to Chinese customs data. Chinese imports of crude from Russia averaged 1.9 million barrels per day (bpd) last month, a 13% increase compared to July 2022, although arrivals from Russia were lower than the record-high hit in June, per the data released by China’s General Administration of Customs on Sunday and reported by Reuters.…