A new report, citing data from Kpler, an analytics company, claims that Iranian oil exports to China will reach 1.5 million barrels per day this month, the highest level in a decade.
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All tagged China
A new report, citing data from Kpler, an analytics company, claims that Iranian oil exports to China will reach 1.5 million barrels per day this month, the highest level in a decade.
In March, China managed to a broker a détente between Iran and Saudi Arabia, achieving a diplomatic breakthrough that had eluded European governments. But Europe and China have shared interests in the region and there is scope for the two powers to work together to foster further multilateral diplomacy.
This week, Iranian president Ebrahim Raisi flew to China for a three-day state visit at the invitation of Xi Jinping, marking the first full state visit by an Iranian president in two decades.
Xi Jinping’s recent trip to Riyadh, his first foreign visit to the Middle East since the pandemic, suggests that China may no longer seek to treat Iran and its Arab neighbours as equals.
European Union leaders have agreed on a landmark embargo of Russian oil that will seek to slash imports by 90 percent by the end of the year. That is bad news for Iran.
Leaders in the United Arab Emirates are eyeing an economic windfall should the Biden administration succeed in its effort to return to Iran nuclear deal. But they have not waited for the lifting of sanctions to begin earning billions from Iran.
Although Iran’s accession to the SCO—which may take up to two years to complete—appears significant, the move is unlikely to substantially change Iran’s geopolitical position.
Sunday marked the expiration of a 13-year UN arms embargo on Iran. Iranian authorities have stated they are now free to buy and sell conventional weapons in an effort to strengthen their country’s security. But China, a major arms supplier in the Middle East, is unlikely to be making significant arms sales to Iran any time soon.
Iranian officials hope that the economic uplift of an implemented partnership agreement with China will win the hearts and minds of a wary public.
Tehran’s new strategic partnership with Beijing will give the Chinese a strategic foothold and strengthen Iran’s economy and regional clout.
The contents of an email shared with Bourse & Bazaar by an official at Iran’s communications ministry suggest that China’s Bank of Kunlun is weighing whether to cease processing Iran-related payments. There is growing concern in Tehran that China may be planning to downgrade its trade relationship with Iran.
As the Trump administration’s “maximum pressure” sanctions campaign rolls on, it might seem like Europe not only lacks the means to defend its trade with the Islamic Republic, but also that there’s little left to defend. But even with significant barriers, Europe continues to export billions of dollars of parts, machinery, and transport equipment to Iran.
◢ New data from China’s customs administration show a significant drop in purchases of Iranian oil. The declared value of September imports was just USD 254 million, down 34 percent from August and down 80 percent from the same month last year. But observed exports from Iran remain high, suggesting that the customs data is not capturing the full value of Iranian oil sales to China.
◢ A recent report from the London-based publication Petroleum Economist offers a cautionary tale of “fake news.” The claim that China will extend a $400 billion credit line to Iran is poorly sourced and inconsistent with both recent trends in China-Iran trade and the scope of China’s Belt and Road Initiative.
◢ China has taken its second Iranian cargo of crude oil after US waivers expired in early May, further defying US sanctions on Iran’s oil exports. The HORSE, a VLCC owned by the National Iranian Tanker Company (NITC) discharged its oil at Tianjin port in northern China, data provided by market intelligence firm Kpler shows.
◢ According to analysis provided by TankerTrackers.com, a tanker owned by the National Iranian Tanker Company (NITC) has delivered oil to the Jinxi Refining and Chemical Complex in China, marking the first confirmed delivery of Iranian crude purchased after the Trump administration’s revocation of waivers permitting the sale of Iranian oil on May 2.
◢ Last week, Iran’s economic minister was in Beijing for talks on bilateral trade and investment. An official readout of the discussions from China’s commerce ministry describes China and Iran as “comprehensive strategic partners.” Unfortunately for Iran, the data tells a different story from the official rhetoric.
◢ Bank of Kunlun, the state-owned bank at the heart of China’s trade with Iran, has made a dramatic change in its policies, informing clients that it will no longer process payments that contravene US secondary sanctions on Iran. Kunlun’s change in policy cuts a longstanding financial lifeline for Iran’s automotive, shipping, petrochemical, and steel industries.
◢ China has halted its financial transactions with Iran as part of an unexpected gamble on the future of its trading relationship with the Islamic Republic. According to Majid Reza Hariri, deputy president of the Iran-China Chamber of Commerce, China is hoping to sustain its trade with Iran without putting its financial system in the crosshairs of US authorities by joining the special purpose vehicle being devised by Europe for this purpose.
◢ As the US chooses the "nuclear option" on Iran's oil, Europe must find leverage and force the US to walk back on its announced policy of driving down Iranian oil exports to zero. The negative consequences for European economy could prove significant, and the risks of regional escalation are high. There are three measures that the EU can pursue to pressure Trump and prevent a dangerous escalation.
