- Oil is trading lower by more than $1 as prices retreat from recent highs
- A ship was attacked in the Red Sea overnight, and the US military engaged multiple drones and missiles in the region
- Russian crude exports have fallen to the lowest level since January without any significant maintenance or outages to explain the drop (BBG)
- China imports a record amount of Iranian crude in June (BBG)
- According to Kpler, crude flows from Iran to China jumped 148 MBbl/d to 1.5 MMBbl/d, the highest on record with data going back to 2013
- The increased flows will likely be consumed by private refiners as opposed to going into the country’s strategic petroleum reserve
- Iranian exports to China have been steadily moving higher over 2024 and have remained above 1 MMBbl/d for most of the year
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