• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 2 hours e-truck insanity
  • 4 days Bad news for e-cars keeps coming
  • 6 days China deletes leaked stats showing plunging birth rate for 2023
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

China’s Oil Imports From Iran Set To Hit Decade-High In August

  • China’s imports of Iranian crude oil are set to hit a decade-high in August, climbing to 1.5 million barrels per day.
  • Increased competition with India for cheap Russian oil has pushed China to boost its imports from Iran.
  • Russia’s pledge to cut its exports will likely push more private Chinese refiners to buy Iranian oil while state-run refiners buy from elsewhere.
Refiner

China is expected to import as much as 1.5 million barrels per day (bpd) of crude oil from Iran in August, the highest since 2013, per estimates from data intelligence firm Kpler cited by Bloomberg.

During the period January to July 2023, China received on average 917,000 bpd of oil from Iran, according to Kpler’s estimates.  

The world’s largest crude oil importer, China, has been ramping up purchases of cheaper Iranian crude this year as competition with India for cheap Russian crude supply has intensified. Earlier this year, many private Chinese refiners in the Shandong province started buying increasing volumes of Iranian crude as competition for Russian oil from China’s major state-held refiners and from Indian buyers has made Moscow’s barrels relatively more expensive.

There isn’t official data on Iranian imports into China, so the market relies on tanker-tracking companies that aim to capture the true picture of how much of Iran’s oil, sanctioned by the U.S. and going to very few destinations these days, is being shipped to China.

Commenting on China’s crude oil imports in July, analysts at Vortexa said last week that private Chinese refiners, the so-called teapots, are likely to boost imports of Iranian oil, especially after Russia has pledged to reduce the volume of its oil exports this month and next.

“With lower Russian crude supplies, Chinese teapot refiners that largely boosted Russian grades imports since Q2 last year, are expected to lean towards the deeply discounted Iranian barrels or other heavy feedstocks, as Shandong partially re-allowed non-crude imports recently,” Emma Li, China Market Analyst at Vortexa, said.  

“State-run refiners, on the other hand, will likely import more crude from West Africa and the Americas, as attractive light-sweet crude margins encourage spot purchases against rising Saudi and Russian crude prices.”

Meanwhile, Iran’s oil exports have recently jumped to a five-year high of 1.4 million bpd, and the Islamic Republic is looking to boost its oil production to 3.5 million bpd by the end of September.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News