China imported about 16.2 million tons of crude oil from the Islamic Republic in the said period, making Iran the third largest oil supplier of the Asian country after Saudi Arabia and Angola. Iran is currently providing China with roughly 12 percent of its total annual requirement.
The report added that Iran's crude oil exports to China reached 2.74 million tons in July, indicating a 35.07 percent rise against the same period of the previous year.
In addition, Iran's export of liquefied petroleum gas (LPG) to China reached about 420,000 tons in the first seven months of the year--an increase of 31.79 percent.
Earlier in the month, Iranian Foreign Minister Ali Akbar Salehi sent a congratulatory message to his Chinese counterpart Yang Jiechi to mark the 40th anniversary of the establishment of political ties between the two countries, calling for cooperation and the expansion of bilateral ties.
Iran and China established diplomatic ties on August 16, 1971.
Falling Oil Prices
Meanwhile, Iran's OPEC governor Mohammad Ali Khatibi said OPEC will react if oil prices continue to fall.
"Past developments show OPEC has intervened in the market whenever falling oil prices continued and oil market lost its normal balance," Mohammad Ali Khatibi said.
Financial crises in the United States and Europe has pushed funds toward buying gold, Khatibi said, adding uncertain economic conditions have brought about fluctuations in gold and oil prices and contributed to market abnormality, Shana reported.
He added that OPEC members are engaged in regular consultations, noting the organization's president will invite members to hold an emergency meeting if it feels the situation is worrying.
According to Khatibi, the organization's secretariat and president are monitoring market developments but holding an emergency meeting does not seem necessary at least for now.
Iran officially took over the presidency of OPEC for the first time in 36 years on January 2011 and the country's former oil minister, Masoud Mirkazemi was elected president of the organization.
