BEIJING: China’s crude imports from Iran fell 3.7 percent in February from a year ago, in line with expectations for the world’s second largest crude importer, customs data showed here the other day.
The imports last month from Iran were 2.04 million tonnes, or 532,400 barrels per day (bpd), up 13.5 percent from January on a daily basis, the data showed.
Thomson Reuters Oil Research & Forecasts had put China’s imports from Iran in February at 2.12 million tonnes, or 552,000 bpd. Volumes from Iran are expected to jump in March to just over 650,000 bpd, as trade picks up after the week-long Lunar New Year holiday that fell in the second half of February.
The February imports are just under last year’s daily average of roughly 550,000 bpd – which was only slightly lower than the daily averages seen in 2011, before the United States and the European Union toughened sanction over Tehran’s disputed nuclear programme in early 2012.
The Western sanctions against Iran were eased in a late-2013 deal that allowed it to export about 1 million bpd while negotiations continue over its disputed nuclear programme. The move prompted both China and India to raise crude imports from Iran last year, especially during the first six months of 2014.
Iran’s top leader voiced mistrust on Saturday of U.S. efforts to reach a nuclear deal, with the deadline less than 10 days away.
In February, China’s crude imports from top exporter Saudi Arabia rose 2 percent from a year ago to 1.14 million bpd.
Imports from Russia were 699,400 bpd, down 1.5 percent on the year. Russia became China’s third-largest crude supplier last year, behind Saudi Arabia and Angola.
China ramped up overall crude imports late last year, taking advantage of a collapse in oil prices in part to build its strategic petroleum reserves. In December, its total crude imports topped 7 million bpd for the first time.
But storage tanks could be reaching their limits, as China slows down its imports even though oil prices remain relatively low.
