China Jan-Feb Iran oil imports up 36%: Report

China’s crude oil imports from Iran during the first two months of 2014 have risen 36.2 percent year-on-year as sanctions eased against the Islamic Republic, official data show.

Customs data released on Friday showed China lifted 558,877 barrels per day (bpd) of oil from Iran in January and February, Reuters reported.

China’s February oil shipments from Iran were also up 6 percent year-on-year, according to the same data.

Iran’s crude oil exports have been rising over the past four months, ever since Tehran reached a breakthrough deal with six world powers over it nuclear energy program last November.

Iran and the five permanent members of the United Nations Security Council — the United States, Britain, France, Russia and China — plus Germany signed the Geneva deal on November 24, 2013. The two sides started to implement the agreement on January 20.

Under the Geneva agreement, the six countries agreed to provide Iran with some sanctions relief in exchange for Tehran agreeing to limit certain aspects of its nuclear activities during a six-month period. It was also agreed that no nuclear-related sanctions would be imposed on the country within the same timeframe.

A Reuters report on Wednesday showed that Iran’s top oil importers have bought more than 1 million bpd since November, making February the fourth straight month in which Tehran’s oil exports increased.

February crude loadings by Iran’s top four buyers – China, India, Japan and South Korea – rose to 1.16 million bpd.

By Press TV

 

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