Beijing/Tehran, Aug. 5 -- In a strong hit to Iran's economy, Chinese for crude oil purchases from the Middle East nation have fallen considerably, dipping to less than a third of what it was in July, reports Iran International.
Purchases fell to about 1.2 million barrels per day, nearly 30% lower than in June and slightly below the year-ago level, the drop following a sharp uptick witnessed in June when the demand exceeded to over 1.7 million barrels.
The rise in Chinese oil purchases was attributed to the Iran-Israel war, with experts noting that merchants bought Iranian crude in 'rush' fearing Tehran's supply fall owing to the war, un the backdrop of growing uncertainties back in June.
The slowdown in shipments comes as the Uni...