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China Imports 390,000bpd of Iranian Crude Oil in June

Source: www.gulfoilandgas.com 7/15/2013, Location: Asia

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Iran exported 390,000 barrels per day of crude oil to China in June, the International Energy Agency reported.

The volume of exports fell by 36 percent compared to May because of blockages at ports in China, according to the report.

That reversed an increase in May that the IEA last month said was due to smoother shipping operations that allowed China to take in supplies delayed from April, Bloomberg reported. Imports of Iranian crude reported by consumers fell to 800,000 barrels a day in June from 1.25 million in May, the IEA said.

Japan cut Iranian crude imports by more the half to less than 100,000 barrels a day, the IEA said. The decline from 240,000 barrels in May was “reportedly due to a delay in negotiations over contract volumes,” the IEA said.

On July 1, the U.S. implemented a new round of sanctions aimed at Iran’s shipping and automobile industries, gold sales and financial institutions doing business in the rial, the IEA said.

The U.S. and its allies are restricting Iran’s oil exports, the country’s largest revenue source, and targeting its financial industry.

Iranian crude output rose by 20,000 barrels a day in June to 2.7 million barrels, the IEA said.

This is the second consecutive gain in Iran’s monthly output, according to data in the four most recent IEA reports. The country added 50,000 barrels a day of output in May and June, nearing the 2.72 million barrel daily production level reached in February, the reports show.

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