China increased oil imports from Iran

According to Energy Press, citing Oil Price, Kepler data shows that China’s oil imports from Iran will reach 1.75 million barrels per day this month.
The highest purchase of Iranian oil by China dates back to October 2023, which was equal to 1.66 million barrels per day. China currently buys 50% more oil from Iran than last month. Iran’s oil sales to China last month were equal to 1.24 million barrels per day.
Reports show that oil imports to Dalian and Rizhao in China have increased significantly and increased to 132,000 and 342,000 barrels per day, respectively.
Analysts believe that the profit margins of China’s independent refineries, which are known as Tipat, are increasing, and these refineries now have more incentive to increase production, and as a result, they want more crude oil.
Bloomberg reported last week that China’s oil imports from Malaysia reached a new record last month, which indicates that the country’s refineries are more interested in cheaper Iranian oil. Chinese refineries are struggling with low profit margins due to unfavorable economic conditions.