China’s oil imports from Iran are at record levels, accounting for more than half of the country’s crude oil exports, Reuters reported. China, now the largest consumer of Iranian oil, is expected to increase its Iranian imports by 37.2% in July from the previous month, making up 54% of Iran’s total oil exports, according to a new report from Petrologistics, a Geneva-based consultancy. The rise would put China’s import growth from Iran near the 23% increase in oil exports it recorded in 2011. Taiwan will import approximately 65,000 bpd, its first transaction with Iran since March. If oil import trends in China continue, the country’s six-month exemption from US sanctions against Iran could be compromised. In keeping with the US sanctions, only China, India, Japan and Taiwan are permitted to import Iranian oil, Petrologistics said.
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