Energy News Beat
Nov 10 (Reuters) – China’s oil imports from Iran have hit record highs as Iran ramps up output despite the threat of further U.S. sanctions.
Existing sanctions were implemented over Iran’s nuclear programme, and U.S. lawmakers are seeking to exert further pressure after the Oct. 7 attacks on Israel by Hamas, which has long been backed by Iran, although Tehran has denied any involvement.
U.S. lawmakers are now considering legislation that could impose measures on foreign ports and refineries that process petroleum exported from Iran.
Here are key facts on Iran’s oil trade with China:
HOW MUCH IRANIAN OIL IS CHINA BUYING?
China, the world’s largest crude importer and Iran’s top customer, bought an average 1.05 million barrels per day (bpd) of Iranian oil in the first 10 months of 2023, according to shiptracking data from Vortexa. This is 60% above pre-sanction peaks recorded by Chinese customs in 2017.
Imports jumped this year after Tehran raised output and offered steep discounts.
Tehran’s October output edged up to 3.17 million bpd, a Reuters survey found, the highest since 2018, when Washington re-imposed sanctions on Iran, according to Reuters surveys and OPEC figures.
China’s October imports from Iran are estimated to have reached around 1.45 million bpd, the highest monthly level ever, Vortexa data showed.
HOW DOES IRANIAN OIL ENTER CHINA?
Except for two cargoes in December 2021 and January 2022, China’s customs has not recorded any direct imports from Iran since December 2020.
ENB Top News
ENB
Energy Dashboard
ENB Podcast
ENB Substack
The post Explainer: Iran’s expanding oil trade with top buyer China appeared first on Energy News Beat.
