China’s oil imports from Iran have hit record highs as Iran ramps up output despite the threat of further U.S. sanctions, Reuters reported. China, the world’s largest crude importer and Iran’s top customer, bought an average 1.05 million barrels per day (bpd) of Iranian oil in the first 10 months of 2023, according to shiptracking data from Vortexa. This is 60 percent above pre-sanction peaks recorded by Chinese customs in 2017. Imports jumped this year after Tehran raised output and offered steep discounts. Tehran’s October output edged up to 3.17 million bpd, a Reuters survey found, the highest since 2018, when Washington re-imposed sanctions on Iran, according to Reuters surveys and OPEC figures. China’s October imports from Iran are estimated to have reached around 1.45 million bpd, the highest monthly level ever, Vortexa data showed.—Tehran Times
