China Adds Iranian Crude Into Strategic Reserves

China has added almost four million barrels of Iranian crude into its petroleum reserves in the port city of Zhanjiang over the past few weeks. China’s move came amid the western powers have been in talks with Iran to revive the 2015 nuclear deal.

Iran, which has the world’s fourth largest oil reserves, has an economy that heavily depends on oil exports, but has been unable to produce anywhere near capacity since 2018 when former U.S. President Donald Trump decided to pull out of the Iran nuclear deal.

China’s move also came at a time when United States has led a coordinated effort to release strategic reserves with several Asian nations including China to ease increasing oil prices.

While China has been importing Iranian crude unofficially, official data confirmed this week that it purchased 260,312 tonnes of Iranian crude in December, for the first time in a year.

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Latvia, Estonia Exit China Cooperation Group

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U.S. in Discussions with Allies Over Possible Sanctions on China

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