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China, Iran's top oil client, imported 2.136 million tonnes of Iranian oil last month

China Jan-Aug Iran oil imports inch lower

BEIJING, September 21, 2015

China's August Iranian crude oil imports rose sharply from a year earlier, although purchases were down from the previous month and off year-ago levels for the first eight months of 2015, official customs data showed.
 
The lower imports for the year so far and for August compared with July, which was also down from June, were at least in part due to one petrochemical producer being shut for months after a fire.
 
China, Iran's top oil client, imported 2.136 million tonnes of Iranian oil last month, or 503,110 barrels per day (bpd), up 61 percent from a year ago. But that was down 12.6 percent from July's 575,700 bpd - itself down nearly 100,000 bpd from June.
 
Thomson Reuters Oil Research & Forecasts had put its latest estimate of China's August imports from Iran at 2.49 million tonnes, or 586,400 bpd. The group expects volume from Iran to come in at 419,700 bpd in September.
 
Last week, US Senate Democrats blocked legislation meant to kill the July deal that will end most sanctions on Iran in exchange for curbs to its nuclear programme. That suggests the deal is likely to go into full effect next year, with Tehran able to start boosting crude exports. 
 
Iran, once Opec's No 2 producer after Saudi Arabia, hopes to raise crude exports by as much as 1 million bpd within months once sanctions are lifted.
 
The Iranian Oil Ministry's website Shana reported on Friday that Tehran would unveil new oil development contracts in the coming weeks to attract foreign investors and oil buyers once sanctions are lifted.
 
For the first eight months of the year, China brought in nearly 19.2 million tonnes of Iranian crude oil, or 576,670 bpd, down 0.34 percent from the year-earlier period, the customs data showed.
 
The volume is lower than the contracted amount of about 600,000 bpd as one regular buyer has been out of the market. Independent petrochemical producer Dragon Aromatics was shut after a fire in April and could stay out through the rest of the year. 
 
Chinese customs agency counts the light oil condensate - feedstock for Dragon's plant - as part of the crude oil stream.
 
Iran's oil sales could be headed towards a six-month low in September, with tanker loading data seen by Reuters showing China's purchases dropping 33 percent from August to 348,000 bpd.
 
Crude imports from Saudi Arabia were down 0.88 percent to 920,620 bpd, with it keeping its spot as China's top supplier.
 
Russian imports were up 11 percent from a year earlier at 726,870 bpd, although they were down from a May peak. --Reuters
 



Tags: China | Iran | Crude | Imports |

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