Wednesday, August 28, 2019 8:20:35 AM
It's been no secret that China continues to play a large part in preventing Trump's desire to take Iran's crude exports down to zero, despite a noticeable drop on its Iran oil imports compared to the summer prior (sinking almost 60% in June compared to a year earlier).
The new GAC data shows China imported over 900,000 barrels per day (bpd) of crude oil from Iran in July, which is up 4.7% from the month before. On a metric-ton basis, Iranian inflows rose 8.2% from June. Ultimately there is a big glut of Iranian crude oil out there at cheaper then established market prices.
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