China’s oil imports from Iran set to hit decade-high in August
Chinese imports of Iranian oil are running at the highest level in at least a decade, according to data intelligence firm Kpler.
The world’s biggest oil importer will take about 1.5 million barrels a day of crude from Iran this month, according to an estimate from Kpler.
That compares with an average of 917,000 barrels a day in the first seven months of the year and would be the highest in the Kpler figures that go back to 2013, Bloomberg reported.
Iran has been ramping up oil exports this year with most of the shipments heading to China.
Meanwhile, Iran’s oil exports have recently jumped to a five-year high of 1.4 million bpd, and the Islamic Republic is looking to boost its oil production to 3.5 million bpd by the end of September.
The easing of a probe by Beijing into imports of bitumen mixture also appears to be speeding the passage of cargoes through customs, according to traders who are involved in the market.
A jump of around a fifth in global benchmark Brent crude since late June is raising demand for the cut-price oil, much of which is bought by independent refiners clustered in Shandong Province.