MARKET EYE: China's Imports from Iran Down

摘要

While China’s crude oil demand has continued to surge, its imports of Iranian crude fell 20% in the first quarter. The development underscores reports that Iran, China’s third-largest oil supplier this year, has been storing a backlog of unsold crude oil on tankers in the Mideast Gulf (IOD Apr.21,p1). Traders and shipping sources say Iran could build its oil stocks in floating storage to nearly 40 million bbl.