China's independent oil refiners are shifting away from Iranian crude due to the anticipation of stricter sanctions under the Trump administration, leading to a diversification of their oil import sources.
After years of abusing Iranian sanctions and flooding China 's economy with cheap Iranian oil, China 's larger independent refiners are set to shun Iranian oil 'imminently' because of their exposure to the US banking system, said Energy Aspects, which expects sanctions to tighten under Trump.
The incoming Trump administration has also led to some large processors backing away from Tehran's crude due to their exposure to US banking, according to Energy Aspects. Traders and shippers put the scarcity of Iranian supply down to the broadening of US sanctions in October to include more dark fleet tankers plying the Iran-China trade.
Oil Imports Iranian Oil Trump Sanctions US Sanctions Teapots Independent Refiners Middle East Oil Prices Energy Sector
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