Commodities
China Is Buying the Most Iranian Oil in a Decade, Kpler Says
- Surge in Brent making the sanctioned crude more attractive
- China customs data don’t show any Iran imports since mid-2022
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Chinese imports of sanctioned Iranian oil are running at the highest level in at least a decade as rising global prices make the discounted crude more attractive, according to data intelligence firm Kpler.
Iran has been ramping up oil exports this year as it becomes more geopolitically assertive, with most of the shipments heading to China. The easing of a probe by Beijing into imports of bitumen mixture, which Iranian crude is sometimes disguised as, also appears to be speeding the passage of cargoes through customs, according to traders who are involved in the market.