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China oil imports from Iran surge to 1.75m bpd: report

1. Economy

August 31, 2024 - 13:32

 

TEHRAN - China’s imports of Iranian oil have reached a record of 1.75m barrels per day (bpd) in August, oiprice.com reported, citing data from Kpler.

As reported, the current figure has surpassed the previous peak of 1.66m bpd set in October 2023 and is almost 50 percent higher compared with 1.24m bpd last month.

U.S. crude oil falls more than 3%, erases 2024 gains as China demand, OPEC output hike loom

Published Tue, Sep 3 20248:07 AM EDT Updated 1 Min Ago

Spencer Kimball@spencekimball

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Key Points

• OPEC+ delegates have indicated that the producers’ group is still planning to increase oil output in October, sources told Reuters.
• Manufacturing in China, meanwhile, fell to a six-month low in August

A general drone view shows the Nafoora oil field in Jakharrah, Libya, August 27, 2024. 

Jawhar Deehoum | Reuters

U.S. crude oil futures fell more than 3% on Tuesday, erasing all gains for the year, as OPEC+ is poised to increase production in coming weeks and China’s economy remains soft.

OPEC+ delegates have indicated that the group is still planning to increase oil production in October, sources told Reuters and Bloomberg.

 

Manufacturing in China, meanwhile, fell to a six-month low in August, according to data released over the weekend. China is the world’s largest importer of crude oil.