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China’s Teapots Raise Iranian Feedstock Imports to 8-Month High

OIL

China’s independent refineries, mainly in Shandong province, increased their imports of Iranian crude to an eight-month high of 6.1m mt in June, according to Platts.

  • Imports of Iranian crude climbed 4.3% on the month amid efforts to cut feedstock costs and combat weak refining margins.
  • Iran accounted for 65.7% of the total feedstock portfolio, compared to 54.2% in May.
  • Iranian crudes are much cheaper than Russian ESPO crudes, boosting their popularity among price sensitive teapots.
  • ESPO deliveries into China for August were heard around 50-60 cents/b discounts to ICE Brent, compared to $5-$6/b discounts for Iranian Light.
  • More Iranian Heavy cargoes than Light cargoes have been arriving to Shandong, mainly due to the even lower prices.
  • The uptrend in popularity of Iranian crudes is likely to continue due to Iran’s rising crude output, Platts said, with production up over 70% in the past three years to 3.6m b/d.
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