China’s Iran crude imports break record

TEHRAN (ISNA)- China’s Iranian crude oil imports expanded 36 percent in May from a year ago to the second highest on record, customs data showed.

Its imports in the first five months of 2014 gained nearly 50 percent over the same year-ago period.

China, Tehran’s largest oil client, has since late 2013 been stepping up purchases from the OPEC country after a landmark November nuclear deal eased some sanctions on Iran, making up the main portion of Asia’s higher imports since then.

Asian buyers are expected to import about 1.25 million-1.3 million barrels per day (bpd) of Iranian oil in the six months through June, mostly owing to China’s increases.

China’s May imports at 3.22 million tons, or 757,900 bpd, eased from a record high of nearly 800,000 bpd in the previous month.

Iran now ranks No.3 among the top suppliers with growth in the January-May period the fastest among China’s top suppliers, outpacing that of Iraq, Oman, Angola and Russia.

By ISNA

 

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