CHINA-IRAN: SHARP RISE IN CHINA'S OIL IMPORTS FROM IRAN
China’s imports from Iran of Iranian crude oil surged to a five-year high in April as it gorged itself ahead of the return of U.S. sanctions. Oil imports from Iran hit 3.24 million tons in the month of April, up 41% YOY, according to data from China’s General Administration of Customs. The surge came ahead of the resumption of U.S. sanctions against Iran's oil industry, with the aim of choking its exports to zero.
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