• 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
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 10 hours e-truck insanity
  • 4 days Bad news for e-cars keeps coming
  • 5 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.
Southeast Asia Bets Billions On Pumped Hydro Energy Storage

Southeast Asia Bets Billions On Pumped Hydro Energy Storage

Southeast Asia's pumped hydro capacity…

China’s Secret Weapon in the Global Copper War

China’s Secret Weapon in the Global Copper War

China's strategic use of copper…

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

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