In Freight News - 23/05/2015
China’s crude imports from Iran fell 11.6 percent in April from
record shipments a year ago but were still the highest in 11 months,
official customs data showed on Friday.
China’s imports last month from Iran were 2.91 million tonnes, or
707,400 barrels per day (bpd), up 10.8 percent from March on a daily
basis and the highest since last May.
Last month, Iran and six world powers signed a framework nuclear
agreement that could see sanctions on Tehran eventually lifted if a more
permanent pact is finalised by a June deadline. Many analysts, though,
say there will be no significant increase in Iran’s output or exports
before mid-2016.
Earlier this week, Iran’s Supreme Leader, Ayatollah Ali Khamenei,
said Tehran would not accept “unreasonable demands” by the world powers.
China’s April imports from Iran were well above from the 2014 average
of roughly 550,000 bpd, which was about the same as seen before the
United States and the European Union toughened sanctions over Iran’s
disputed nuclear programme in early 2012.
Imports could head lower in coming months, especially for condensate,
which Chinese customs count as crude, after a fire in April at
independently run Dragon Aromatics that will force it to halt operations
for at least three months, said a trading source with knowledge of the
plant.
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