Thursday, July 31, 2014

China oil imports from Iran hit a record high

PRESS TV - JULY 22, 2014

Official data show that China imported 630,000 barrels per day (bpd) of Iranian crude oil in the first six months of 2014.
Chinese customs data registered a 48-percent rise in comparison with the corresponding period last year, the Wall Street Journal reported.
According to Li Li, head of research and analytics at Shanghai-based consultancy ICIS C1 Energy, the amount is the most amount of crude China has ever imported from Iran in any first half in history. Iran represented about 10 percent of China’s crude purchases in the first half.
Maziar Hojjati, managing director of the China office of National Iranian Oil Company (NIOC), said he believes the partial relief in US-led sanctions against Iran has contributed to the surge.
China, which is Iran’s largest oil client, has been increasing oil purchases from the Islamic Republic in light of implementation of the 2013 interim deal between the Islamic Republic and the five permanent members of the UN Security Council – the United States, Russia, China, France and Britain – plus Germany.