China imports record high oil from Iran

China has posted a record high in oil sales from Iran, according to a Reuters report.

The report said that China’s increased oil imports are taking place in the wake of Iran’s rising output despite US threats to impose more sanctions on the country.

It noted that China has imported an average $1.05 million barrels/day of Iranian oil over the 10 months of 2023 which is 60% higher than its record purchases from the country before the new US sanctions on Tehran started to bite in 2018.

The report said that the US lawmakers are considering to pass a law to impose more pressures on foreign ports and refineries which import and process Iranian oil.