China more than doubles Iran crude oil imports

A Chinese oil tanker

China more than doubled its crude oil imports from Iran in November month-on-month amid hopes for sanctions relief on the Islamic Republic, new customs data shows.

According to data from China’s General Administration of Customs on Monday, Iran delivered 538,513 barrels per day (bpd) of crude to its largest oil client in November, versus 249,848 bpd in October.

In late November, Iran and the six world powers reached a breakthrough nuclear deal for the resolution of the Islamic Republic’s nuclear issue.

Under the deal, the six powers have agreed to lift some of the existing sanctions against the Islamic Republic in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period. It was also agreed that no more sanctions would be imposed on Iran within the same timeframe.

China’s crude oil imports from Iran increased in September 2013 from one year earlier despite the US-led sanctions imposed on the Islamic Republic’s oil and financial sectors.

China imported 475,521 barrels per day (bpd) of Iranian crude oil in September, registering a 24-percent rise compared to the same period last year.

China, Iran’s largest oil client, for the nine months through September bought 16.01 million tons of Iranian crude oil, or an average of 428,160 bpd.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

By Press TV


The Iran Project is not responsible for the content of quoted articles.