‘Wholesale to save that much.’
China is believed to have bought another 2 million barrels of crude oil from Iran, which is believed to be reserved for the country.
According to sources from Vortexa Analytics and the United States (US) advocacy group United Against Nuclear Iran, the National Iranian Tanker Corp (NITC) is reportedly sending a total of 260,000 cargoes of crude oil to the port of Zhanjiang.
In addition, Vortexa also stated that the cargo is believed to be reserved.
The conclusion was reached based on the history of previous NITC ship voyages that brought Iranian oil imports to China only to be reserved.
In fact, the cargo carried by the ship known as Dorena is the 4th shipment of its kind set for national reserves since last December.
The NITC has so far failed to be contacted for any further statement.
However, the validity of the matter will only be known next month when Chinese customs releases detailed commodity import data for June.
Meanwhile, China is still seen buying oil from Iran despite the US insisting on banning oil exports from the middle eastern country.
It should not be forgotten that China is very active in importing oil from Russia, where recently the country led by Xi Jinping ligat bought the commodity at a discount.
For information, the volume of Iranian oil purchases by China makes up 7% of the country's total crude oil imports apart from also buying from Malaysia, Oman, Iraq and the United Arab Emirates (UAE).
