China's July Iran crude imports drop, put it closer to 2013 goal

China's July Iran crude imports drop, put it closer to 2013 goal - Reuters | China's average daily crude imports from Iran fell 12.6 percent in July from the same month last year, putting it closer to hitting what officials have said is the likely goal for 2013 imports from the Middle Eastern nation. Last month's reductions mean China would have to reduce its year-to-date Iranian oil imports only about another 4,000 bpd to hit that unofficial target for this year. China and other Asian importers of Iranian crude have to keep reducing the shipments to win waivers to U.S. sanctions aimed at curbing the country's disputed nuclear programme. Top refiner Sinopec Corp, the world's single largest processor of Iranian crude, may make deeper cuts in the remaining months of the year to take its total cut this year to about 5 percent, according to a trading official familiar with the Chinese oil major's oil procurement strategy.