OIL
Iranian crude flows to China are expected to remain robust for the time being, according to Kpler.
- This is despite shifting Chinese port policies, with some ports denying entry to blacklisted vessels.
- Preliminary data implies that flows from Iran averaged around 1.4m b/d in the first week of March, Kpler added.
- A rise in Iranian crude output in Feb to 1.7m b/d has kept the country’s floating storage elevated, reaching 21m bbl early March and doubling from multi-week lows in Feb.
- The buildup occurred alongside increased inflows of Iranian crude to China, with Chinese imports climbing to around 1.4m b/d in February.
- This was up 0.6m b/d on the month and the highest level since October.
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