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China's Iran Oil Imports Increased in June 

China's Iran Oil Imports Increased in June China's Iran Oil Imports Increased in June 

China's crude oil imports from Iran rose in June to a two-month high, customs data showed on Tuesday, just as the Islamic Republic begins to look ahead to ramping up its exports in the wake of last week's nuclear deal.

Iran's largest oil client imported 2.76 million tons last month, or 671,800 barrels per day, up 29.6% from May and 26.5% from a year ago, Reuters reported.

Thomson Reuters Oil Research & Forecasts had estimated China's June imports from Iran at 507,300 bpd, and has said it expects the volumes to hit 562,800 bpd in July.

The UN Security Council on Monday backed the deal Iran reached the previous week with six world powers to curb its nuclear program in exchange for the easing of economic sanctions. And US President Barack Obama has said he will veto any rejection of the deal by the US Congress.

Iran's Oil Minister Bijan Namdar Zanganeh has said the country is aiming to add 500,000 bpd to output within two months of sanctions being eased, and as much as 1 million bpd in six to seven months.

Most analysts do not expect Iran to make a major return to the market until next year because of time needed to implement the nuclear agreement and to revamp the OPEC producer's oil infrastructure.

Over the last 2-1/2 years, sanctions put in place by the United States and the European Union cut Iran's crude exports roughly in half to around 1 million bpd.

 

Financialtribune.com