Caixin
Oct 11, 2018 06:55 PM
BUSINESS & TECH

China Cuts Down on Iranian Crude Oil Imports

An Iranian oil worker rides his bicycle through Tehran’s oil refinery south of the Iranian capital in December 2014. Photo: IC
An Iranian oil worker rides his bicycle through Tehran’s oil refinery south of the Iranian capital in December 2014. Photo: IC

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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