China’s imports from Iran, a country locked in many disputes with the West and a series of sanctions rose 30% to 27.76 metric tons, according to China’s General Administration of Customs. Total imports rose only 6.1%. That may be due to a slowing economy in the People’s Republic which appears to have accelerated toward the end of last year.
China’s imports from Iran could decline in the months ahead due to a dispute over commercial issues between China International United Petroleum & Chemicals Co., known as Unipec, and National Iranian Oil Co. Unipec has skipped imports of about 220,000 barrels a day from Iran in January and further delays could affect February orders as well.
China’s relationship with Iran continues to be a sore spot with the US, UK, and most EU nations. Attempts to cut Iran’s exports of oil, and thus income to its treasury, as means to curtail its weapons development systems, have been undermined by the Chinese relationship. It is believed that Iran is well along a path to the creation of a nuclear weapons capacity.
Top Gaining Stocks
Top Losing Stocks