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China’s Iran oil imports rebound

May 21st, 2012 | Global Times

China’s crude oil imports from Iran rebounded more than 50 percent in April from March after resolving pricing disputes over term contracts, but shipments fell nearly a quarter from a year ago, according to Chinese customs data released Monday.

Crude oil imports from Iran fell 23.7 percent in April year-on-year to 388,034 barrels per day (bpd). However, from a month ago, imports were up 53.2 percent after the two countries resolved term contract disputes in late March.

Still, April’s rebound from March may not be fully reflected in the latest customs data because it takes about 22 days to ship oil to China.

Unipec, the trading arm of top Asian refiner Sinopec, will buy 10 to 20 percent less crude from Iran under an annual contract for 2012 compared with last year, a Chinese industry executive with direct knowledge of the matter has told Reuters.

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Category: China Oil Monitor, Middle East