Chinese Refiners To Buy More Iranian Oil
As Russian oil prices have risen due to growing interest in buying it by the Chinese state refineries and also Indian refineries, Chinese private refiners have increased the purchase of oil from Iran.
China’s import of crude oil and gas condensates from Iran increased by 800,000 barrels per day (bpd) in March 2023, showing a 20 percent growth as compared to a month earlier.
Analysts believe that this increasing trend will continue in the coming months.
These changes in China are the outcome of changes in the global oil market as Russian oil is mostly exported to Asia following Western buyers’ refusal to purchase oil from this country.
Although Iranian oil has been sanctioned by the US for years, Chinese refiners have always shown vehement interest in buying Iranian oil.