Quota expansion allows China to increase imports of Iranian oil 

The Beijing authorities have introduced new quotas, thereby increasing purchases of Iranian oil. These quotas allow refineries to import crude stored on tankers off the coast of China.

After the allocation of a new package of import quotas at the end of November, oil consumption in China has increased, according to the resource. Experts estimate the new quotas at 7-8 million tonnes for more than 20 private refiners. 

In addition, in order to avoid delays in deliveries to Chinese buyers, Iran has increased discounts for refineries. China has led in purchases of Iranian oil since 2019.

According to Press TV, a partner of TV BRICS, estimates by analytical companies involved in the energy sector show that China's imports of Iranian oil have risen, reaching a historic high in recent months of almost 2 million barrels per day.

The resource also reports that thanks to the new quotas, two supertankers carrying Iranian oil were finally able to unload this week at various Chinese ports.

Photo: SHansche / iStock