China's Iran oil imports surge in June on rising shipments, teapot demand
SINGAPORE, June 27 (Reuters) - China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.
The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.
Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.
The rising imports are fuelled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed.
It typically takes at least one month for Iranian oil to reach Chinese ports.
Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said.
Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst.
A possible relaxing of U.S. President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.
Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signalled a potential easing in enforcement to help the country rebuild.
For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries.
Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said.
Market fears for a closure of the chokepoint had escalated after last weekend's U.S. attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signalled a ceasefire.
Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.
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NBC News
an hour ago
- NBC News
Big Beautiful Bill AI provision brings together an unexpected group of critics
As Senate Republicans rush to pass their hodgepodge tax and spending package — the Big Beautiful Bill — controversy has arisen around an unusual provision: a 10-year moratorium on states passing their own laws regulating artificial intelligence. Congress has been slow to pass any regulation on AI, a rapidly evolving technology, leaving states to write their own laws. Those state laws largely focus on preventing specific harms, like banning the use deepfake technology to create nonconsensual pornography, to mislead voters about specific issues or candidates or to mimic music artists' voices without permission. Some major companies that lead the U.S. AI industry have argued that a mix of state laws needlessly hamstrings the technology, especially as the U.S. seeks to compete with China. 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BBC News
2 hours ago
- BBC News
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The Guardian
3 hours ago
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Here's what happened on 26 June 2025.
