China surprises the market with an unprecedented purchase of Iranian oil

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(MENAFN – Al Wakeel News) News Agent- China’s unprecedented imports of Iranian crude in recent months are pressing the supply from rival producers, prompting oil sellers from countries such as Brazil, Angola and Russia to cut prices and divert shipments to India and Europe.
The jump in Iranian shipments surprised the market and affected global oil prices, although the administration of US President Joe Biden had been expected to resume talks with Tehran to revive the nuclear deal.
Iranian oil began to leak into China from late 2019 despite harsh US sanctions, but the quantities did not start to rise until late last year, after oil recovered and its price crossed the $ 60 mark, and buyers were encouraged by the prospect of the United States lifting sanctions during the Biden era.

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Source: Erm

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