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.