Russia remains China's top oil supplier in July

Chinese customs data confirm that Russia maintained its position as China's largest supplier of crude oil in July, with shipments increasing by 10% month-over-month to 9.15 million tons (approximately 2.16 million barrels per day). This comes amidst Beijing's efforts to diversify its oil sources among different suppliers, as China's total oil imports declined by 24.3% year-over-year to around 8.41 million barrels daily. Meanwhile, imports from Brazil rose by 31.9% to 4.98 million tons. China's imports from Indonesia also saw a sharp increase of 51.8%, whereas imports from Malaysia dropped by 64.3%. This pattern reflects China's attempt to diversify its oil sources to compensate for declining supplies from the Middle East, with Iranian oil continuing to flow through intermediaries without direct data from Iran in July.

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