Crude imports from Iran down 1.9pc
First-half year-on-year fall buoys case for waiver extension on US sanctions against Tehran
The mainland's daily crude oil imports from Iran fell 1.9 per cent year on year in the first half of this year, making it easier for it to stake another claim to a waiver extension on US sanctions against Tehran.
Countries that import Iranian oil must make steady cuts in their volumes to continue to receive six-month exemptions from United States sanctions aimed at cutting off Iran's oil revenues and bringing it to the negotiating table over its nuclear programme.
Beijing won a six-month waiver last month, along with other Asian importers of Iranian crude, and officials have said mainland refiners were likely to cut imports from Iran by 5 to 10 per cent this year. The next waiver review is due in November or December.
The drop in first-half volumes came on top of a 21 per cent cut in purchases from Tehran in the first half of last year after a contract dispute slashed shipments in the first quarter of 2012.
Imports from Iran last month were also sharply down compared with the same month last year and from May this year.
"It looks like China was getting a bit more aggressive with its cut in June in order to meet its overall target for the year," said Victor Shum, managing director of downstream energy consulting at IHS.