Asia’s largest buyer of Iranian oil is said to have resumed purchases from the Persian Gulf state following a one-month hiatus, a move that will help allay fears that US sanctions on OPEC’s third largest producer will constrain global supplies.
According to Bloomberg, China will start loading the crude again in November after it halted purchases in October, according to people with knowledge of the matter, who asked not to be identified because it’s confidential. The Asian nation was among the countries that gained exemptions to keep importing Iranian oil, with a waiver for importing 360,000 barrels a day.
Global benchmark Brent crude surged more than 20% after US President Donald Trump’s decision to reimpose sanctions on Iran raised the fears of a supply deficit. Prices have since collapsed to their lowest level this year as those concerns eased after the issuance of waivers to eight nations including China, South Korea and India.
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