Tuesday, June 24, 2014

China’s Increase in Iran Oil Imports Push Exports to 1.3 Million bpd

China’s imports of Iranian crude in May rose 36 percent compared to last year, hitting a near record 750,000 barrels per day. China is Iran’s largest oil customer, and its growing imports has pushed the volume of Iran’s oil exports to an average of 1.3 million bpd in the first six months of the year, an increase over last year’s mark of 1 million bpd. (Reuters/Tehran Times, 24 June)

Top Chinese refiner Sinopec Corp has been buying more of Iranian crude, which is offered at cheaper prices than those of similar grades from Saudi Arabia, industry officials have told Reuters. The easing of sanctions environment has also played a role in the increases, Reuters noted.

File photo: Iran’s oil export terminal at Kharg Island (Getty Images)

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