China oil imports from Iran hit a record high

Chinese customs data registered a 48-percent rise in comparison with the corresponding period last year, the Wall Street Journal reported.

According to Li Li, head of research and analytics at Shanghai-based consultancy ICIS C1 Energy, the amount is the most amount of crude China has ever imported from Iran in any first half in history. Iran represented about 10 percent of China’s crude purchases in the first half.

Maziar Hojjati, managing director of the China office of National Iranian Oil Company (NIOC), said he believes the partial relief in US-led sanctions against Iran has contributed to the surge.

China, which is Iran’s largest oil client, has been increasing oil purchases from the Islamic Republic in light of implementation of the 2013 interim deal between the Islamic Republic and the five permanent members of the UN Security Council – the United States, Russia, China, France and Britain – plus Germany.

Under the deal, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities. The two sides have agreed on the extension of their talks until November 24 with a view to achieving a lasting nuclear deal. The initial deadline had been July 20.