Iran, China Remove Disputes, Increase Oil Business

A senior official of the Iranian oil ministry has announced that disputes between Iran and China regarding oil purchase have been removed, Mehr news agency reported Thursday.

The news agency quoting the official who was not named in the report says China will now increase its oil purchase from Iran and it could rise to 500.000 bpd within the next weeks.

China is the top buyer of Iranian oil, accounting for around 20 percent of its total exports however Iran’s oil export to China in January and February was dropped by about 220.000 bpd due payment difficulties for the purchased crude by China.

On Feb 8, MNA has reported that the two sides will meet in Beijing to substitute the dollar as the currency used to bilaterally trade.