China’s oil imports from Iran have been soaring in August so that the shipments are expected to reach 1.5 million barrels per day (bpd), the highest since 2013, Blomberg reported citing estimates from data intelligence firm Kpler.
Based on the Kpler data, China shipped in 917,000 bpd of Iranian oil on average during the January-July 2023 period.
Iran has been ramping up oil exports this year as it becomes more geopolitically assertive, with most of the shipments heading to China, Bloomberg said.
As reported, Iran’s two main grades are currently trading at a discount of more than $10 a barrel compared to Brent, which is cheaper than the Russian variety.—Tehran Times
