Latest China oil data out a short while ago from their customs office
- imports from Iran down -13% yy at 408,100 bpd
- imports from Saudi Arabia down 2% yy at 996,900 bpd
Iran getting a little greedy on price perhaps? Or Russia desperate to offload supplies?
Barclays also just out with a note:
- expect China to lower its crude oil production in 2016
- imports should pick up from January low point
Brent crude $33.46 and WTI $30.20 currently, just off session highs.