Copy in clipboard...
China’s June crude imports jump as Iranian, Saudi volumes surge
The spike reflects both restocking after refinery maintenance and opportunistic buying by independent refiners amid steep discounts on sanctioned barrels.
According to China’s General Administration of Customs, cited by Reuters, total imports reached 49.89 million tons in June, the highest monthly volume since March. Analysts at Oilchem and Kpler cited refinery restarts and attractive Persian Gulf pricing as key drivers, particularly for China’s “teapot” refineries in Shandong, oilprice.com reported.
Saudi crude shipments to China rose by 845,000 barrels per day to 1.78 million bpd. Iranian imports also climbed, with traders estimating a 445,000-bpd increase, despite ongoing US sanctions. Many of these flows were channeled through independent refiners taking advantage of discounts of $2 to $3.50 per barrel below Brent.