China’s oil imports from Iran increase

China has significantly increased its imports of Iranian crude this month, according to data from tanker tracking companies, amid higher overall imports in recent weeks, driven by lower oil prices in April and May.
China’s imports of Iranian crude hit a record 1.8 million barrels per day (bpd) between June 1 and 20, according to data from Vertexa. Kepler data showed that Chinese imports from Iran averaged 1.46 million bpd from June 1 to 27, about 500,000 bpd more than China’s estimated imports from Iran in May.
The higher Iranian crude exports to China were due to higher loadings of Iranian crude in May and more purchases by independent Chinese refiners, known as “teapots,” who bought cheaper Iranian crude to fill their inventories ahead of peak summer demand.