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EXCERPT:
Iran is likely to face challenges in clearing its oil inventories even after restrictions on its exports are lifted, as its biggest customer tweaks its energy strategy while oil from other suppliers floods the market, according to analysts.
China, the world’s top crude importer, has not been particularly enthusiastic about purchasing Iranian oil, despite traditionally being the main buyer of the country’s energy. “In fact, the Chinese do not show any enthusiasm to buy much oil from anybody,” Fereidun Fesharaki, chairman emeritus at FGE NexantECA, said on CNBC’s “Squawk Box Asia.”
China’s crude imports have dwindled since the Iran war started in late February, depressing oil demand. In May, they plunged 29% from a year earlier to 7.82 million barrels per day, the lowest level since February 2018, according to Wind Information.
