China reported the first imports of Iranian crude oil in a year despite ongoing sanctions by the United States governmenty. China brought in 260,312 tonnes of Iranian crude oil in December, according to data from the General Administration of Chinese Customs, which last recorded Iranian oil inflows in December 2020 at 520,000 tonnes. It was not immediately clear which company brought in the latest cargo, which is equal to the amount of oil that would fit onto one very large crude carrier (VLCC) tanker, and which terminal it was discharged into. Unofficially, China’s imports of Iranian oil had held above 500,000 barrels per day on average between August and October. Imports from Iran have accounted for about 6% of China’s crude oil imports, according to shipping data and trader estimates.
- China reports first official Iranian oil imports since Dec 2020