Azernews.Az

By Bloomberg

Iranian crude imports rose to the highest level in 13 months as China boosted purchases, according to the International Energy Agency.

Imports increased to 1.27 million barrels a day last month, the highest level since February 2014, the IEA said in its monthly oil market report. China bought 780,000 barrels a day, close to a record of 800,000 barrels a day in April last year. Figures are subject to revision, the IEA said.

Iran reached a preliminary accord with world powers this month that included a timetable for ending sanctions imposed in mid-2012. The nation could pump as much as 3.6 million barrels a day within months of sanctions being lifted, the IEA said. That compares with 2.8 million barrels a day last month.

“Billions of dollars worth of spending on its vast oil fields could enable Tehran to boost capacity to around 4 million barrels a day towards the end of the decade,” the IEA said.

India halted imports in March for the first time in more than 10 years in response to international pressure, the IEA said, without elaborating. Turkey raised purchases by 50,000 barrels a day to 155,000 barrels last month while Syria imported 125,000 barrels a day, a record monthly volume.