China imported a record amount of crude oil from Iran in the first half of the year amid a loosening of U.S. sanctions, further increasing the importance of Middle East supplies for the world’s No. 2 economy.
The increase came as the U.S. tries to strike a balance between reaching a new agreement with Iran regarding its nuclear ambition while continuing to keep pressure on Tehran. Last week, Iran agreed to new steps to contain its nuclear program in exchange for additional sanctions relief from the U.S. The two sides also extended negotiations for four more months.
Chinese customs data Monday showed that Iranian oil imports in the first six months of 2014 were 630,000 barrels a day, up 48% from the same period last year. That is the most crude China has ever imported from Iran in any first half in history, according to Li Li, head of research and analytics at consultancy ICIS C1 Energy. Iran now represents about 10% of China’s foreign crude purchases in the first half.
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bljworldwide via CHINA US Focus http://ift.tt/1tqIqCD
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