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China’s November crude imports from Iran hit four-month high
Kpler figures showed inflows of Iranian shipments increased by 233,000 barrels per day (bpd) from October to reach 1.35 million bpd in November, the highest since August.
As per Reuters, China’s overall crude oil imports in November climbed to 12.38 million bpd, the strongest level in 27 months.
An analyst at energy consultancy Vortexa said the jump in volumes reflected lower prices for sanctioned Iranian and Russian crude, which boosted margins for the so-called “teapot” refineries and in turn fueled their demand for these barrels.
Iran is reportedly offering China, the world’s biggest crude importer, generous discounts, a claim Iranian officials confirm but reject the idea that they are excessive.
Imports of Iranian crude are never registered in China’s customs data due to US sanctions on the Middle Eastern producer.
According to media reports, Iran delivers oil to China through methods such as ship-to-ship transfers in waters near Malaysia and blending its crude with supplies from other countries to hide its origin.