Imports of Iranian oil to China have declined as Teheran demands higher prices from Chinese buyers, Reuters reported citing refinery and trade sources.
According to the agency, last November Iran and China clinched deals for Brent oil supplies at a discount of $10 per barrel. However, in early December, Tehran informed Beijing that the discount would be reduced to $5-6 for supplies in December and January.
Reuters cited statistics from analytics firm Vortexa that China imported about 1.18 million barrels per day (bpd) of Iranian oil last month, down from 1.22 million bpd in November and 23% off October's record 1.53 million bpd.
As the agency reported, oil supplies from Iran account for about 10% of all imports to China, and in October last year they reached a record level.