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30 June | Oil

China’s oil import from Iran reached record highs

Brent
WTI Light Crude Oil
China’s oil import from Iran reached record highs

According to Reuters data, in June, China has increased crude oil import from Iran. These changes are explained by growing volumes of resource supplies and large-scale purchases of Middle Eastern barrels at discounted prices.

Vortexa reports that Iran's oil export to China reached a record level of 1.8 million barrels per day between June 1 to 20. Kpler data showed China's average daily imports of Iranian oil from June 1 to 27 stood at 1.46 million barrels per day. This exceeds May's estimated import volumes by nearly 500,000 barrels daily.

Iran's energy exports also grew by 44% amid escalating tensions in the Middle East. OilPrice.com analysts believe current levels will remain high due to the new policy of the US administration toward China.

Anton Volkov MarketCheese

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