Title: China Imports Record Amounts of Russian Crude Oil

China's imports of Russian crude oil reached an all-time high in June, according to Chinese government data released on Thursday. Refineries continue to seize supplies that are being pumped through the Eastern Siberia-Pacific Ocean pipeline, even though the discount compared to global benchmark crude has shrunk. The total quantities imported from Russia amounted to 10.50 million metric tons, equivalent to a daily average of 2.56 million barrels. Shipment volumes increased by 44 percent compared to the same month last year, according to data from the General Administration of Customs. Russian imports in the first half of the year totaled 52.61 million metric tons, a 22 percent increase over the same period last year. It was expected that Saudi shipments to China would decrease in June, as declining refining margins prompted Chinese refineries to seek cheaper crude from Russia and other suppliers, even after Riyadh reduced the official selling price of Arab light crude by 25 cents in May.