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Anas Alhajji, managing partner, energy economist, market analyst at Energy Outlook Advisors LLC, highlights that China’s weekly crude oil imports have fallen to their lowest level in 11 years.
According to Alhajji, June crude imports are also on track to be the lowest in 10 years based on Kpler data.
In recent commentary, Alhajji also noted that a sharp U.S. crude inventory draw lifted prices, while gasoline and distillate stock builds raised demand concerns, according to his earlier analysis. He previously highlighted record highs in Russian LNG exports and a surge in Venezuela’s crude oil shipments to levels last seen in early 2019. His recent observations follow a series of updates on shifts in global energy flows.