00:00State refiners in China are looking to resume purchase of Iranian oil after the U.S. temporarily eased sanctions to
00:08stabilize global supply.
00:10Bloomberg reports that representatives from the National Iranian Oil Company, along with trading intermediaries, are also sounding out other potential
00:19buyers across Asia.
00:22The move comes as regional refiners face supply pressures. Asia relies on the Middle East for around 60 percent of
00:29its crude, and disruptions near the Strait of Hormuz are forcing some refineries to cut run rates.
00:35China had been Iran's largest buyer before the conflict, accounting for more than 80 percent of its oil exports. Last
00:42year, it imported an average of 1.38 million barrels per day from Iran.
00:46The ongoing U.S. waiver covers Iranian oil stranded on tankers at sea and is set to last for 30
00:53days, following the easing of similar restrictions on Russian oil.
00:57Around 170 million barrels of Iranian crude are currently stored on tankers, spread across the Middle East Gulf to waters
01:05near China.
Comments