According to Ship-Tracker Vortexa, a record high based on the company’s data, the world’s top oil importer and the largest buyer of Iranian crude oil, brought in more than 1.8 million barrels per day from June 1-20.
KPLER data, as of June 27, has averaged 1.46 million bpd of imports of Iranian oil and condensate in China to 1.46 million bpd.
According to KPLER data, after export shipments from Iran reached a high of several 83 million bpd in May, an increase in available supply from floating storage has driven imports rising.
It usually takes at least a month for Iranian oil to reach Chinese ports.
Analysts at Kpler and Vortexa say the robust loads in May and early June are poised to continue to rise in China’s imports from Iran.
Independent China’s “teapot” refineries, the main buyer of Iranian oil, also showed strong demand as stockpiles dried up, said Xu Muyu, senior analyst at Kpler.
The possibility of easing US sanctions on Iranian oil could further strengthen China’s purchases, she added.
US President Donald Trump said Wednesday that Washington did not give up its maximum pressure campaign against Iran, including restrictions on Iran’s oil sales, but showed possible easing enforcement to help rebuild the country.
This week, Iranian light crude was trading for around $2 under Icebrant from the end of July to the birth of August.
Trader said narrower discounts have been spurred by concerns that oil flow could be destroyed through the Strait of Hormuz, an important waterway between Iran and Oman.
Market fears over chokepoint closures have been eased after Iran and Israel accepted a ceasefire on Tuesday after an attack on US Iranian nuclear sites last weekend.
Iran’s oil discounts come amid a retreat in futures prices. Icebrant crude futures hovered at $68 per barrel on Friday. Levels before the Israeli-Iran conflict began fell 19% from its five-month peak on Monday.
MNA