Markets are reacting favorably as…
The central factor in OPEC…
China’s Customs Organization has announced, "This country's level of oil imports from Iran during the first half of 2011 reached 134.7 million tons, a growth of 49 percent in comparison to the same time period last year."
China’s Customs Organization also reported that imports of Iranian liquefied petroleum gas (LPG) during June increased for the fourth consecutive month and reached more than 244,000 tons. Chinese imports of Iranian LPG during the first six months of 2011 increased 72.2 percent in comparison to the same period of 2010, Jomhuri-ye Eslami newspaper reported.
China’s CNPC has agreements to boost output at Iran's North Azadegan oil field and South Pars gas field. Iran is China's third-largest crude supplier, after Saudi Arabia and Angola. During the period January-June 2011 Iran exported approximately 540,000 barrels per day of crude oil to China, more than 10 percent of Beijing's 5.1 million barrels per day of imports.
Earlier this month Foreign Ministry Spokesman Ramin Mehman-Parast told reporters, “We have no problem in selling our oil to China. We see our oil cooperation with other countries in the framework of trade deals and economic cooperation," and our oil, banking and economic officials always do consultations to prevent any possible problem.”
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com