China's 'teapot' refiners mop up swelling Iranian crude, defying U.S. curbs

Appetite for Iranian crude is growing in China, the world's biggest oil importer, after the extension of supply cuts by Saudi Arabia and Russia boosted global prices, while Tehran is stepping up output and exports despite U.S. sanctions.

China's "teapots", or small independent refiners, are stocking up on Iran's oil to fill strong seasonal demand, Reuters reported.

Iran's crude exports stand at their highest in more than four years, data from consultancies FGE and Vortexa shows.

The Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in August.

According to the report, Iran’s August oil output rose 143,000 barrels from a month earlier – the highest increase in the table – hitting 3 million barrels per day (bpd), following top producer Saudi Arabia and Iraq, respectively.

According to secondary sources, total crude oil production of 13 OPEC member states averaged 27.45m bpd in August 2023, higher by 113,000 bpd month-on-month, the report added.

News ID 630319


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