Volume. 12227

China's Iran oil imports rise 50% in April
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c_330_235_16777215_0___images_stories_edim_04_china.jpgLargest importer of Iranian crude ignores western sanctions, upping its reliance by 50 percent in April, Chinese customs data showed on Monday.
China's crude oil imports from Iran rebounded more than 50 percent in April from March after resolving pricing disputes over term contracts.
China and India are under Western pressure to cut purchases, since the actions of the world's top buyers of Iranian oil will determine the success of a strategy aimed at crimping Iran's oil revenue.
Crude oil imports from Iran were up 53.2 percent in April after the two countries resolved term contract disputes in late March.
In the first four months of the year, China's crude imports from Iran were 355,989 bpd.
Still, April's rebound from March may not be fully reflected in the latest customs data because it takes about 22 days to ship oil to China.
An Iranian official said in late April that China had not cut its crude imports in 2012.
The United States has exempted Japan and 10 European nations from financial sanctions because they have significantly cut purchases of Iranian crude oil. China and India have not, however, publicly asked for a waiver and have not been included on the exemption list.
China imported 1.07 million bpd of crude oil from top oil exporter Saudi Arabia in April, 14 percent higher than a year earlier and 15 percent higher than 929,906 bpd in March, customs data showed.
Similarly, imports from Angola jumped 41 percent on the year to 919,338 bpd last month and cargoes from Russia rose 20 percent to 448,219 bpd.
(Source: Reuters)

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