China Ramps Up Iran Oil Purchases After Getting New Quotas
- November shipments rose to highest since August, Kpler says
- Chinese oil demand expected to slow due to virus, crackdown
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China ramped up its buying of cheap Iranian crude last month after independent refiners were granted additional import quotas for 2021.
The nation imported almost 18 million barrels in November, equivalent to about 600,000 barrels a day, according to market intelligence firm Kpler. That’s up almost 40% from October and the biggest volume since August. Flows may be limited in the coming months, however, in part due to a broader crackdown on independent refiners and reduced demand resulting from virus restrictions.