China’s Iran Crude Imports Drop 45% in February

China, the biggest buyer of Iranian crude, cut imports by 45 percent in February from a month earlier as the nations disagreed over payment terms.

Purchases from the Islamic Republic fell to 1.15 million metric tons, or about 290,000 barrels a day, according to Bloomberg calculations from data by the Beijing-based General Administration of Customs today. That’s the lowest level since May 2010 and compares with an average 557,413 barrels a day last year. China’s total net crude imports rose 7 percent from a month earlier to a record 5.87 million barrels a day.