Reuters: The destination of Iranian oil in China has changed
Reuters, in a report based on assessments by tanker tracking companies and trade sources, states that since the end of last year, Iranian crude oil has been flowing into the port and refinery city of Dalian in northeastern China, a trend that has significantly helped maintain high levels of oil purchases from Iran.
The change in the destination of Iranian oil occurs at a time when the crisis caused by rising oil prices and the declining profit margins of small companies had reduced the demand for Iranian crude oil from small buyers in the independent refining hub of Shandong province. They have been Iran’s main buyers in China since 2019.
Last winter, Reuters, in an exclusive report relying on trade and refinery sources, reported the halt of Iranian oil shipments to China and said that Tehran was seeking to negotiate and obtain a higher price for its crude oil exports to China by doing so.
Iranian oil is among those subject to U.S. sanctions, which were re-imposed in 2018 following Donald Trump’s decision to withdraw from the JCPOA.