China’s July Iranian Crude Imports Drop 28 Percent from June

Reuters reported that China’s July imports of crude oil from Iran were down almost one-third compared to the previous month, meaning that Iran has not broken the sanctions placed on it by Europe and the United States.

As quoted in the market news:

Another month of rising imports could have jeopardized a last-minute waiver the United States granted China for six months from June 28, after Iran’s top oil buyer showed significant cuts in imports from the Middle Eastern country.

“China’s crude imports from Iran recovered quickly in May and June,” said a Beijing-based oil analyst who declined to be identified because he was not authorized to speak to the media.

“The Chinese government might have had some pressure of not boosting imports too much because the United States had just given China a waiver.”

The strong June imports by state-owned firms had fuelled speculation China might go on a buying spree for more Iranian crude ahead of a July 1 European Union deadline barring insurance firms from covering Iranian crude shipments.

Click here to read the full Reuters report.