China’s state oil refineries are exploring deals to buy oil from Iran after the US suspended sanctions for 30 days to address the global supply shortage.
“Elchi” reports that, according to information from Bloomberg, citing sources close to the matter, this move by the US aims to provide additional resources to the market.
The report also states that representatives of the National Iranian Oil Company and intermediary traders are exploring potential buyers among Chinese and other Asian refineries.
140 million barrels of crude oil will enter the market
The US’s one-month concession covers Iranian oil transported by sea.
The Washington administration estimates that the lifting of sanctions will add approximately 140 million barrels of crude oil to the oil market. This decision was made after a similar easing of sanctions against Russian oil.
Before the war, China was the main buyer of Iranian oil, receiving more than 80 percent of the total supply shipped.
According to Kpler data, China bought an average of 1.38 million barrels of Iranian oil per day last year. This figure accounts for approximately 13.4 percent of China’s seaborne oil imports, which is 10.27 million barrels.
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