China’s import of Iranian crude hits record high

The last record high was in April 2014 when china imported 803,000 b/d from Iran.

As reported by S&P Global Platts, the imports in August included barrels directly shipped to China and a VLCC cargo that offloaded in Myanmar and was reportedly sent via the China-Myanmar pipeline to a refinery in southwest China.

Accordingly, China has imported 165.57 million barrels over January to August 0f 2018 which is 72 percent of total Iranian crude imports in 2017.

Analysts believe that this raise in imports is due to Chinese buyers’ intention to take as many Iranian barrels as possible ahead of the re-imposition of US sanctions in November.

It is expected that China would remain biggest buyer of Iranian crude despite US will and Chinese officials have repeatedly announced that they continue bilateral ties with Iran even after the re-imposition of US sanctions.

US president Donald Trump unilaterally pulled the United Stated out of Joint Comprehensive Plan of Action (JCPOA) and said that he will re-impose sanctions against Iran.