Iranian crude clogs Chinese ports despite US sanctions ...News

Russia Today - Economy

Tankers full of Iranian oil are reportedly causing a traffic jam at ports in China’s Shandong, as other countries are reluctant to snatch it up, wary of US sanctions. Congestion at one of China’s major refinery hubs was reportedly caused by soaring exports of crude from the Persian Gulf nation, which are expected to grow further this month. Iranian oil is currently trading at a heavy discount under the US economic penalties introduced against Tehran in 2018. In China, it is commonly sold up to five dollars per barrel cheaper against benchmark Brent crude, according to traders, as quoted by Bloomberg. The discount reportedly encourages

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Last updated : 11 March 2021 clock 05:15 PM

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