Chinese imports of sanctioned Iranian oil are running at the highest level in at least a decade as rising global prices make the discounted crude more attractive, according to a Bloomberg report citing figures by data intelligence firm Kpler.
Kpler has revealed that China is buying a roughly 1.5 million barrels per day (bpd) of oil from Iran in August which is much higher than average 917,000 bpd imported from the country in the first seven months of 2023 and the highest figure since 2013.
Iran’s Deputy Oil Minister Mohsen Khojastehmehr said earlier this month that the country is expected to produce as much as 3.5 million bpd by late September despite tough Western sanctions on the country.
He said that Iranian oil output stood at 2.2 million bpd when President Ebrahim Raisi took office two years ago in August 2021.