China Set To Buy 1 Million Bpd Of 'Cheap' Iranian Crude This Month

China’s crude oil imports from Iran this month could reach close to 1 million bpd, Reuters reported today, citing trading and analyst sources. That would be almost half the amount Saudi Arabia exports to China. An earlier report by Reuters from the beginning of the month said that China was buying record-high volumes of Iranian crude in anticipation of the Biden Administration lifting sanctions on Tehran. Even India, the report said, started planning for Iranian oil purchases. Later in March, Washington warned China to stop buying oil from…