China's July Iran oil im­ports rise 3pc on year

The Pak Banker - - BUSINESS -

BEI­JING: China's crude oil im­ports from Iran rose in July from a year ear­lier, of­fi­cial cus­toms data showed, as crude im­ports in the world's largest energy con­sumer hit their sec­ond high­est level on record.

China, Iran's big­gest oil client, im­ported 2.44 mil­lion tonnes of Ira­nian oil last month, or 575,700 bar­rels per day (bpd), up 3.0 per cent from a year ago, but down 14.3 per cent from June's 671,800 bpd. Thom­son Reuters Oil Re­search & Fore­casts had put its latest es­ti­mate of China's July im­ports from Iran at 2.65 mil­lion tonnes, or 624,000 bpd. The group ex­pects vol­ume from Iran to come in at 586,400 bpd in Au­gust.

US Pres­i­dent Barack Obama laid out his case for US law­mak­ers to back a nu­clear deal with Iran in a let­ter re­leased by the White House. Obama has said he will veto any rejection of the deal by the US Congress. Iran, once OPEC's No. 2 pro­ducer af­ter Saudi Ara­bia, hopes to boost crude ex­ports by as much as 1 mil­lion bpd once sanc­tions are lifted. For the first seven months of the year, China brought in 17.1 mil­lion tonnes of Ira­nian crude oil, or 587,400 bpd, down 4.9 per cent from the year-ear­lier pe­riod, the cus­toms data showed, but still above the 2014 av­er­age of roughly 555,000 bpd. China lifted a to­tal of 7.23 mil­lion bpd in July, its sec­ond high­est month on record. Crude im­ports from Saudi Ara­bia jumped 12.1 per cent to 988,800 bpd, al­low­ing it to keep its spot as China's top sup­plier, although vol­umes were down from June. Rus­sian im­ports were also up on a year ear­lier, surg­ing 59.4 per cent to 887,000 bpd, although they were down from a May peak.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.