Latest news with #Vortexa
Business Recorder
3 hours ago
- Business
- Business Recorder
Iranian oil imports to China hit record high in June
SINGAPORE: 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 US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.
Saba Yemen
8 hours ago
- Business
- Saba Yemen
China's Iranian oil imports rise to record high despite sanctions
Beijing – Saba: Analysts confirmed on Friday that China's Iranian oil imports rose significantly in June, driven by increased demand from independent refineries and accelerated shipments ahead of the recent Israeli aggression against Iran. Data from ship-tracking company Vortexa showed that China, the world's largest oil importer, received more than 1.8 million barrels per day (bpd) of Iranian crude between June 1 and 20, the highest level on record, according to the company's data, according to Reuters. The agency reported that global oil company Kpler indicated that imports of Iranian crude oil and condensate averaged 1.46 million bpd through June 27, compared to 1 million bpd in May, reflecting a significant increase in imported quantities. Analysts at both companies expect imports to remain at high levels, given that cargo loadings have continued at a robust pace since May. For his part, US President Donald Trump said last Wednesday that Washington had not retreated from its maximum pressure policy toward Iran, including restrictions on its oil exports. However, he indicated the possibility of limited relaxation in the implementation of sanctions, with the aim of "helping rebuild the country," as he put it. Whatsapp Telegram Email Print
Bloomberg
10 hours ago
- Business
- Bloomberg
US Gulf Coast to Help Supply Record Mediterranean Diesel Imports
Refiners on the US Gulf Coast are set to send increasing amounts of diesel to Europe, a burgeoning trade that could last through summer, according to an analysis by Vortexa. Higher power-generation demand in the Mediterranean is expected to drive the gains, which already boosted freight rates 40% in the week ended June 16, Vortexa said.
Bloomberg
19 hours ago
- Business
- Bloomberg
Russian Fuel Flows Decline to Lowest in 8 Months on Baltic Slump
Russia's oil product exports dropped in June to the lowest in eight months amid extended work at refineries supplying Baltic ports, coupled with efforts to stabilize domestic fuel supplies before the upcoming seasonal surge in agricultural and holiday consumption. Seaborne shipments of refined fuels totaled 2 million barrels a day in the first 20 days in June, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That's the lowest monthly tally since October and an 8% decline compared to both the previous month and last year in June. Flows from Baltic ports recorded the sharpest drop of more than 15% from May levels.
Asharq Al-Awsat
20 hours 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.
