The WSJ reports, "China imported a record amount of crude oil from Iran in the first half of the year amid a loosening of U.S. sanctions, further increasing its reliance on Middle East oil supplies.
The increase came as the U.S. is trying to reach a new agreement with Iran over its nuclear program while still keeping pressure on Tehran. Last week, Iran agreed to new steps to contain its nuclear program in exchange for additional sanctions relief from the U.S. The two sides also extended negotiations for four more months.
Chinese customs data Monday showed that Iranian oil imports in the first six months of 2014 were 630,000 barrels a day, up 48% from the same period last year. That is the most crude China has ever imported from Iran in any first half in history, according to Li Li, head of research and analytics at consultancy ICIS C1 Energy. Iran represented about 10% of China's foreign crude purchases in the first half.
Maziar Hojjati, managing director of the China office of National Iranian Oil Co., or NIOC, said he believes the easing of U.S. sanctions has contributed to the surge in imports.
"The American government has put less pressure on the Chinese due to a deal between Iran and the West," Mr. Hojjati said. "There is an opportunity to export more to the Chinese market."
A spokesman at the U.S. embassy in Beijing referred questions to the U.S. State Department in Washington''.
