• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 5 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 3 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 24 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 16 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 23 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 4 hours Researchers Are Harvesting Precious Metals From Industrial Waste
  • 2 days Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 22 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 2 days Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days a In 2020, we produced and delivered half a million cars.
  • 2 days Trump Supporters Just Handed a Huge Propaganda Victory to China
  • 2 days ICE Engines Hear to Stay Regardless of War Against
  • 2 days Minerals, Mining and Industrial Ecology
3 Stocks To Buy As Oil Prices Rise Above $50

3 Stocks To Buy As Oil Prices Rise Above $50

As oil prices continue to…

The World’s Next Giant Oil Discovery Could Be Here

The World’s Next Giant Oil Discovery Could Be Here

A genius geochemist has stumbled…

China Imports Of Iranian Oil Slump In June

Chinese crude oil imports from Iran fell in June as expected after the end of sanction waivers that the United States granted eight Iranian oil importers last year.

According to Chinese customs data, cited by Reuters, Iran sent a bit over 208,000 bpd of crude to China, which was down from over 250,000 bpd in May while the waivers were still in effect. Yet in light of other importers’ complete suspension of Iranian crude oil imports—at least officially—the decline in Chinese imports of Iranian oil could be a temporary thing.

According to Reuters Refinitiv data, the bulk of the Iranian oil shipments to China in June were unloaded at the port of Tianjin, at 163,000 bpd. Tianjin, in northern China, along with two other ports—Jinzhou and Huizhou—are China’s three main oil hubs.

Commenting on the figures, TankerTrackers.com co-founder Samir Madani told Oilprice that the data only covered tankers operated by the National Iranian Tanker Company. However, he added there were Chinese-flagged VLCCs receiving Iranian oil in June as well. Right now, Madani added, there were two of these with their transponders switched off near Chinese ports, with delivery expected some time this week.

Related: Natural Gas Glut Is Crushing US Drillers

Beijing had stated early on it would not comply with U.S. sanctions against Iran. There have been reports of state-owned companies reducing their intake of Iranian crude because of their listed units’ exposure to the U.S. financial system and the consequent exposure to punitive action by Washington. Reuters recalls that state oil companies had officially stopped buying Iranian oil at the end of May.

Yet, there have also been reports of Iran continuing shipments of oil to China and even storing crude at Chinese ports. There is no information about the buyers of the June cargoes but if state oil players have indeed stopped buying Iranian oil, these would have to be private companies.

Earlier this month, Washington threatened to sanction China for its continued imports of Iranian crude.

"We're going to zero [exports of Iranian crude] and ... countries that don't abide by US sanctions will face repercussions for not abiding by US sanctions," S&P Global Platts quoted a State Department spokeswoman as saying two weeks ago. "That goes for China or any other country in the world. We expect all countries to abide by US sanctions."

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • andy Gebb on July 30 2019 said:
    All governments that continue to import crude oil from Iranian terrorism countries in violation of the ban must be severely sanctioned.
  • Mark Stable on July 29 2019 said:
    OPEC suppliers also have lakes of crude sitting in China and the region... not only in bonded storage, but also sold into Strategic Reserves (hence getting around their OPEC quotas for years...) or in their own or shared storage, also without title yet transferred - but only one document away from delivery... and already where it needs to be (again without showing up on OPEC quota restrictions).

    Do you really think anyone has really cut supplies? No-one in their right minds would, be they Iran or any other OPEC members....

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News