*China imported a record 2.287mn b/d of crude from Russia in May topping the previous record of 2.263mn b/d set two months earlier (see chart). All five of the highest ever figures have come since Russia’s February 2022 invasion of Ukraine (and subsequent European boycott) with average volumes of 2.033mn b/d for the first five months of 2023 up 24% year-on-year.