As the world’s largest crude oil importer, Chinese buyers are constantly buying crude oil from all over the world. Official data shows that in the first two months of this year, my country imported 89.57 million tons of crude oil, a year-on-year increase of 4.1%. Based on the conversion of 1 ton to approximately 7.33 barrels, my country’s import volume increased to 11.13 million barrels per day from January to February compared with the same period last year.
With the huge demand for crude oil, Chinese buyers are turning their attention to countries with more favorable export prices. According to “Lianhe Zaobao”, the current price of a barrel of Iranian crude oil is 3 to 5 US dollars (about 20 yuan to 33 yuan) lower than the benchmark price of Brent crude oil.
Affected by this, buyers in our country are increasing Purchases of Iranian Crude Oil – According to estimates by traders and analysts, Iran is currently shipping crude oil products to the Chinese market with exports of 1 million barrels per day of crude oil, condensate and fuel oil.
According to Refinitiv data, between January 2020 and February 2021, Iran exported nearly 17.8 million tons to China. Crude oil averaged 306,000 barrels per day. At present, Iran is also expected to deliver more crude oil products to our country.
According to “Lianhe Zaobao” on March 27 Citing Iranian state media reports, China and Iran will sign a 25-year cooperation agreement. The final details of the agreement have not yet been announced. my country is expected to increase investment in Iran’s energy and infrastructure fields.
The report specifically mentioned that Iran has indirectly sent record amounts of oil to China in recent months by using the method of “marking supplies from other countries.” It is worth mentioning that with the signing of this agreement, in addition to oil trade, other economic and trade cooperation between China and Iran is also expected to usher in new progress.
According to reports, China and Iran jointly reached a cooperation intention in 2016 and agreed to increase bilateral trade volume by 10% in the next 10 years (2016 to 2026). More than times, reaching 600 billion US dollars (approximately RMB 4 trillion).
</p
