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OIL
China’s crude oil imports from Iran fell to the lowest since Feb 2023 at around 986kbpd in Jan according to Bloomberg citing Kpler data.
- Imports from Iran have fallen as independent refiners turned to Russian ESPO supply for February arrival following a standoff over the price of oil from Iran. Some suppliers held back shipments in December and January as the refiners have faced narrowing discounts coupled with soft domestic demand.
- Imports from Russian dipped slightly last month, but were still above 1.2mb/d.
- Iranian oil in floating storage off Singapore and Malaysia increased to the most since Dec 24 at 15mbbls barrels on Feb 13.
- China’s overall crude imports were marginally lower last month but still above 10mb/d with shipments from Brazil up to the highest since September 2020 at more than 1mb/d.
Source: Bloomberg / Kpler
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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