China's foreign ministry claims ignorance regarding Shandong Port's alleged ban on US-sanctioned vessels. The development comes amidst tightened US sanctions on Iranian oil exports, impacting China's imports and triggering price increases.
China's foreign ministry stated that it is unaware of Shandong Port Group's decision to prohibit US-sanctioned vessels from its network of east coast harbors. Shandong province serves as the primary entry point for Iran ian, Russian, and Venezuelan oil imported into China, according to Reuters. The spokesperson, during a daily press conference cited by Reuters, said, 'As a matter of principle, I am not aware of the relevant situation.
' They further added, 'China has always firmly opposed the lack of international law on the part of the United States, illegal unilateral sanctions and long-arm jurisdiction without U.N. Security Council authorization.' Iran's oil exports have witnessed a decline following increased sanctions by the Biden administration, which froze several ships transporting Iranian oil to China via ship-to-ship transfers off Malaysia and Singapore. In November, China's imports of Iranian crude oil and condensate plummeted by 524,000 barrels per day to a four-month low of 1.31 million bpd as the sanctions took effect. This has resulted in a surge in Iranian crude oil prices. Discounts for Iranian Light crude against ICE Brent have narrowed to approximately $2.50 per barrel, compared to discounts of $4 in early November. Discounts for Iranian Heavy crude have also contracted to around $4-$5 per barrel from about $7 in early November. 'Tougher U.S. sanctions on tankers involved in Iranian oil flows have tightened shipping capacity,' Xu Muyu, a senior analyst at Kpler, wrote in a report. In July, Trump pledged during his Republican National Convention speech to curtail Iranian oil exports. He claimed to have previously achieved this objective by linking it to trade, stating, 'I told China and other countries, if you buy from Iran, we will not let you do any business in this country and we will put tariffs on every product you do send in of 100% or more.' According to StanChart, Iranian oil is likely to play a pivotal role in Trump's broader China trade policy agenda
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