China Imports of Iran Oil Up in Could on Higher Refining Margins

China’s imports of Iranian crude in Could surged to the best stage in seven months after a restoration in refining margins.

The Asian nation imported 1.54 million barrels a day of Iranian oil final month, probably the most since October, based on information from Kpler. Over half went to consumers in Qingdao the place many unbiased refiners are clustered.

China’s unbiased refiners — often called teapots — have struggled with weak margins for making fuels this yr that’s led to corporations chopping operational charges. The processors account for 1 / 4 of the nation’s whole refining capability and are sometimes massive producers of diesel.

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The revenue from changing crude into diesel and gasoline — or the crack unfold — has recovered since early April and are close to the best seasonal stage in 10 years, based on a observe from Mysteel OilChem dated June 6.

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