Beijing: China's imports of crude oil from Iran slumped 74 per cent in May from a year earlier, while purchases from Saudi Arabia, Angola and Brazil soared, customs data showed Monday.
In the first five months of the year, customs data recorded four months of year-on-year cuts in Iran-ian supplies and only one month of rise, dragging down the Middle Eastern exporter to the eighth spot on a list of top crude suppliers to China, from a third spot last month. Traders blamed uncompetitive pricing of Iran-ian crude oil as the main reason for the cuts, as China boosted purchases of cheaper supplies from Brazil and Angola. "It's because of the prices.
Sin-opec secured supplies with better prices," said one Beijing-based Chinese oil trader who buys crude from Iran, referring to top Asian refiner Sinopec. China is the world's second-largest crude importer.
