China buys more oil from Iran and reduces appetite for barrels from Brazil and Angola

Record oil imports from Iran by China in recent months have reduced the scope for purchases from rival producers, forcing oil sellers in countries such as Brazil, Angola and Russia to cut prices and diversify shipments to India and Europe.

RIO DE JANEIRO, BRAZIL - The hike in volumes purchased from Iran surprised the market and put a cap on advancing oil prices. However, U.S. President Joe Biden's administration is expected to resume talks with Iran to revive a nuclear deal with the country.

Iran's oil began entering China in late 2019 despite tough U.S. sanctions. Still, volumes increased from late last year as oil rebounded to prices above US$60 and buyers were attracted by the prospects of the U.S. lifting sanctions under Biden's administration.

China received a daily average of 557,000 barrels . . .

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