China Cuts Down on Iranian Crude Oil Imports
China appears to be reducing its imports of Iranian crude oil and turning to Tehran’s Middle Eastern neighbors, despite Beijing’s tough talk about not being cowed by U.S. sanctions.
While China is still the biggest buyer of Iranian oil, imports fell 12.3% month-on-month in September to 442,900 barrels per day, according to data from S&P Global Platts. Several other countries appear have done the same, with Iranian crude exports falling 11.5% to 13.46 million metric tons (14.83 million U.S. tons) for the month, their lowest level since March 2016, according to shipping data company Elane Inc.
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