China Iran oil imports rise as payment dispute resolved

China's imports of crude oil from Iran rebounded in May after the two countries resolved a payment dispute.

Beijing imported almost 524,000 barrels per day, a 35% jump from the previous month.

The surge comes even as the US has asked countries to cut oil imports from Iran and threatened to impose sanctions against financial institutions doing business with Iran's energy sector.

China, the biggest buyer of Iranian crude oil, defended its imports.

"China's importing of Iranian oil is based on its own economic development needs," said Hong Lei, a spokesperson for China's Foreign Ministry.

"This is fully reasonable and legitimate."

Source & Image : BBC