China Fuel Oil Imports Climb to Five-Year High on Iran Supplies
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China’s fuel oil imports surged to the highest level in five years last month as the country boosted purchases from Iran, customs data show.
Imports of the residual fuel, used by power plants and so-called teapot oil refineries, rose 19 percent to 2.83 million tons from a month earlier, according to data e-mailed by the General Administration of Customs in Beijing today. That’s the most since May 2008. Shipments from Iran climbed to 526,203 tons in May, the highest since February 2004 when Bloomberg started tracking the data.