IRAN

Imports of Iranian crude and condensate slumped to their lowest levels in six months in June as China scaled back purchases. But volumes remain well above ‘limits’ set out by world powers under last November’s nuclear deal.

The fall indicated by the most recent Chinese import statistics follows two months of bumper buying from the Islamic Republic.

Rather than setting out an absolute export limit for Iran, the November 2013 nuclear deal – dubbed the Joint Plan...