Iran oil exports to China rise 6%

BEIJING China’s February crude oil imports from Iran rose 6 per cent from a year ago to 552,613 barrels per day (bpd), customs data showed on Friday, keeping imports in 2014 close to levels before western sanctions were applied two years ago.

Iran’s exports have been rising the past four months, ever since the breakthrough November deal that eased some sanctions on Teheran in exchange for curbs on its nuclear programme.

Iran’s exports are supposed to be held at an average 1 million barrels bpd for the six months to July 20. But shipments to Asia have topped that level at least since November, according to customs and ship tracking data. The increases have brought an official US reminder to India that purchases are to be held at end-2013 levels. China may also be risking a crackdown if Washington feels economic pressure is being relaxed too quickly.

China’s oil shipments from Iran in the first two months of 2014 were at 558,877 bpd, up 36.2 per cent from a year ago. On a daily basis, China’s February imports of Iranian oil fell 2.1 per cent from January’s 564,536 bpd.

The February crude arrivals are higher than a loading schedule showing China lifted 492,677 bpd in oil from Iran in January.

Reuters