China Independent Refiners Slow Iranian Oil Buying
Independent refiners are reducing Iranian oil purchases as domestic margins fall to a one year low. New U.S. sanctions and shipping blockades also threaten supply.
Xurve View
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Xurve View
China independent refiners are slowing Iran oil imports as domestic processing margins hit a one-year low of minus 530 yuan ($77.50) per ton. These "teapots" purchased a record 1.8 million barrels per day in March, accounting for 90% of Iranian oil shipments. Rising costs and United States sanctions threaten the primary feedstock for China's private refining sector.
