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China imports of iranian crude up 11%

China imports of iranian crude up 11% Source:
Date: 10-06-2013
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Iran daily reported that China imported about 400,000 barrels of crude oil from Iran in the first four months of 2013, up 11% compared to the same period in 2012, a Reuters survey showed.
Three other major Asian buyers, namely India, Japan and South Korea, reduced imports by 46%, 33% and 28% respectively.
Iran's oil exports will average 1.38 million barrels a day in the current Iranian fiscal year starting March 21st 2013, the International Energy Agency estimates. That's in line with the government's budget expecting 1.3 million barrels a day.
Oil Minister Mr Rostam Qasemi has said that Iran has significantly developed its capacity to ship oil overseas despite US led sanctions.
Refiners want to continue using Iranian crude in many of their plants are configured to process, as changes will need lengthy testing of new grades or cause an alteration in output.
Iran is planning to find buyers for its crude, with top Asian consumers cutting purchases as western sanction choke off trade with OPEC's second largest producer.
The US State Department on Wednesday renewed 6 month waivers on Iran sanctions for China, India and 6 other economies in exchange for agreeing to reduce purchases of oil from Iran.
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