Sunday, July 14, 2024

Reuters: Iran freezes exports to China to raise prices

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Reuters news agency said, in a statement, that Iran has stopped exporting oil to China; to raise prices. Majid Reza Hariri, head of the Iran-China Joint Trade Council, said the “secrets” included Iran's concessions to China in the oil sector.

Iran's National Oil Police has yet to comment on the news of the suspension of oil exports to China. As reported by Reuters, it aims to put pressure on Beijing, forcing it to accept higher prices.

In its report, Reuters cited informed sources as saying that oil trade between Tehran and Beijing has been suspended due to Tehran's efforts and demands from its major customers to buy its oil at higher prices.

An oil industry manager explained to Reuters that the “sudden” Iranian move to halt its oil exports could be seen as “recklessness” on Iran's part.

One of the directors of a Chinese company that brokers oil imports from Iran to China said: “There is a “crisis” between Chinese customers and Iranian sellers, and it is not known what these conflicts will lead to.

According to this director, everyone should wait for China's oil refineries to stand up; Let's see what they agree to on the new price Iran is demanding.

Smaller, independent Chinese refineries have been the main buyers of Iranian oil since late 2019, replacing large government-affiliated refineries that stopped dealing with Iran. Fearing US sanctions.

Trade sources say these small refineries account for 90 percent of Iran's total oil exports, which are mostly bought by China. Malaysian or Emirati loading.

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Sources say: Last month, China imported approximately 1.18 million barrels per day, registering a decline from the previous month, in which China imported an estimated 1.22 million barrels per day of Iranian oil.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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