• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 56 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 2 hours Never Bring A Rapier To A Gun Fight
  • 11 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 3 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 9 hours USAvChina.com
  • 5 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 14 hours Aramco Production
  • 3 hours Lest We Forget... A Brief Timeline of China's Modern History
  • 3 hours Democrats and Gun Views
  • 15 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 4 hours Visualizing US Oil & Gas Production (Through May 2019)
  • 3 hours Iran in the world market
  • 14 hours Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.

China Imports Of Iranian Oil Slump In June

Iran tanker

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
Download on the App Store Get it on Google Play