The latest trade data from China shows that crude oil imports in July averaged 11.2m b/d, up 11.5% year on year, but down a little more than 8% month on month. Imports in June were strong as independent refiners restocked. This leaves cumulative imports so far this year at 11.3m b/d over the first seven months of the year, up 3.2% YoY.

Vladimir Putin and Donald Trump will meet in the coming days, the Kremlin said on Thursday, as the U.S. president seeks a breakthrough to end the Ukraine war after voicing mounting frustration with his Russian counterpart and threatening him with new sanctions.