Nikkei Asia reported (April 2) that Refinitiv Oil Research estimated this month's arrivals at 3.75 million ton (27 million barrels), topping the previous record in January of 3.37 million ton. Separately, a trade source familiar with Iranian ship movements pegged China-bound cargoes at 30 million barrels for March, while Sara Vakhshouri, President of SVB Energy International, estimating that Iran oil exports this month exceeded 1 million bpd. Reuters reported last month that China quietly accepted record amounts of Iranian oil in early 2021, despite U.S. sanctions designed to penalize buyers. Analysts say the buying was a key factor behind the slide in global Brent oil pries from $70 per barrel, limiting room for OPEC to increase production. China, Iran's top oil client, said last week it will work to safeguard the Iran nuclear deal and defend the legitimate interests of Sino-Iranian relations. Without commenting directly on the March oil transactions, China's Foreign Ministry said late on March 30 that Beijing has "consistently opposed" the U.S. unilateral sanctions and "long-arm jurisdictions" and urged Washington to lift these "illicit sanctions" as soon as possible.
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