Latest news with #IranianOil
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand
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 fueled 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, Reuters reported. 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 US 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 signaled 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 US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled 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.
Reuters
a day ago
- Business
- Reuters
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.
Bloomberg
2 days ago
- Business
- Bloomberg
Oil Climbs as Trump Maintains Iran Pressure, US Stockpiles Fall
Oil edged higher as President Donald Trump said his maximum pressure campaign on Iranian oil will continue, while a government report showed another large decline in American crude stockpiles. West Texas Intermediate futures rose above $65 a barrel after climbing 0.9% in the previous session. Brent closed near $68. Trump said he's 'not giving up' on the strategy targeting Tehran's petrodollars, after his comments that appeared to undermine the plan. The president also flagged talks with Iran next week.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Trump says China can continue to purchase Iranian oil
Larger Iranian oil purchases by China and others could upset US ally Saudi Arabia, the world's top oil exporter. (AFP pic) WASHINGTON : President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of US sanctions. 'China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the US, also,' Trump said in a post on Truth Social, just days after he ordered US bombings of three Iranian nuclear sites. Trump was drawing attention to no attempts by Iran so far to close the Strait of Hormuz to oil tankers, as a closure would have been hard for China, the world's top importer of Iranian oil, a senior White House official told Reuters. 'The president continues to call on China and all countries to import our state-of-the-art oil rather than import Iranian oil in violation of US sanctions,' the official said. After the ceasefire announcement, Trump's comments on China were another bearish signal for oil prices, which fell nearly 6%. Any relaxation of sanctions enforcement on Iran would mark a US policy shift after Trump said in February he was re-imposing maximum pressure on Iran, aiming to drive its oil exports to zero, over its nuclear programme and funding of militants across the Middle East. Trump imposed waves of Iran-related sanctions on several of China's so-called independent 'teapot' refineries and port terminal operators for purchases of Iranian oil. 'President Trump's greenlight for China to keep buying Iranian oil reflects a return to lax enforcement standards,' said Scott Modell, a former CIA officer, now CEO of Rapidan Energy Group. In addition to not enforcing sanctions, Trump could suspend or waive sanctions imposed by executive order or under authorities a president is granted in laws passed by Congress. Trump will likely not waive sanctions ahead of coming rounds of US-Iran nuclear talks, Modell said. The measures provide leverage given Tehran's demand that any deal includes lifting them permanently. Jeremy Paner, a partner at Hughes Hubbard & Reed lawfirm, said if Trump chooses to suspend Iran oil-related sanctions, it would require lots of work between agencies. The treasury would need to issue licenses, and the state department would have to issue waivers, which require Congressional notification. 'Flashed the Glock' China has long opposed what it has called Washington's 'abuse of illegal unilateral sanctions.' China's embassy in Washington did not immediately respond to a request for comment about Trump's post. Larger purchases of Iranian oil by China and other consumers could upset US ally Saudi Arabia, the world's largest oil exporter. The impact of US sanctions on Iran's exports, however, has been limited since Trump's first administration when he cracked down harder on Tehran. Trump has 'flashed the Glock' this year with sanctions on Chinese trading companies and terminals, but the results have been far more 'minimum pressure' than maximum, Modell said. State department spokesperson Tammy Bruce told reporters that Trump had signalled what he wanted to happen and that his administration is focused on delivering that. She would not say what the process would entail. 'But clearly we are focused on making sure that (the) guiding hand of President Trump prevails and moves this government forward, so we will have to wait and see when it comes to what that ends up looking like,' Bruce said.
Wall Street Journal
4 days ago
- Business
- Wall Street Journal
Trump Says China Can Buy Oil From Iran
President Trump said China can purchase Iranian oil, despite his administration's imposition of numerous sanctions designed to impede such trade. The U.S. has sanctioned Chinese refineries, port operators and other companies for importing Iranian crude as part of its broader "maximum pressure" campaign against Tehran. 'China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also,' Trump wrote in a post on Truth Social. Roughly 90% of Iranian oil exports go to China. To evade sanctions, some traders have transported Iranian oil to China and other destinations using companies based in Malaysia, China, India and the United Arab Emirates.
