China Iran Crude Imports at Five-Month Low on Price Talks

China, the biggest buyer of Iranian crude, cut purchases to the lowest level in five months in January even as its total oil imports rose after trading companies in the two nations failed to renew supply contracts.

Imports from Iran fell to 2.08 million metric tons, or about 493,000 barrels a day, according to Bloomberg calculations from data released today by the Beijing-based General Administration of Customs. That’s the lowest rate since August and 14 percent less than the average 575,000 barrels bought daily in December. China’s total crude imports rose 6.8 percent from a month earlier to 5.5 million barrels a day.