China’s oil imports from Iran has surged in June, reaching high record levels as shipments ramped up due to increased demand from independent refineries according to a report.
This was reported by Mehr News Agency, a partner of TV BRICS, citing information from international ship-tracker companies.
China imported more than 1.8 million barrels per day (bpd) of Iranian crude between 1st and 20th of June.
This marked the highest recorded volume based on their data. The figures also showed that China’s average imports of Iranian oil and condensate for June were 1.46 million bpd, a significant rise from 1 million bpd in May.
The spike in imports was partly due to higher supplies from floating storage, following Iran’s export loadings reaching a multi-year high of 1.83 million bpd in May.
According to analysts, it typically takes at least a month for Iranian oil to reach Chinese ports, so these robust shipments in May and early June suggest that imports will likely remain high in the coming months.
Demand from China’s independent refineries, which are the primary buyers of Iranian crude, also played a significant role in the surge.
According to the report, these refineries, whose stockpiles had been depleting, were eager to secure more oil from Iran.
