Looming US sanctions on Iran put China oil buying in spotlight
XLE•Who the Chinese buyers are
Chinese independent refiners have been the main Iranian crude buyers, attracted by what has typically been a steep discount to mainstream barrels.
China's big state refiners have shunned Iranian oil since 2019, when the U.S. reimposed sanctions on Tehran, and China's official customs data does not show any purchases of Iranian crude.
Iranian oil delivered to China has long been branded as Malaysian, and more recently Indonesian, and is settled in Chinese currency, trading in a tight loop involving a chain of difficult-to-track intermediaries, refinery sources and traders involved in the business have said.
China remains Iran's biggest oil buyer
China has for several years been the biggest buyer of Iranian oil, putting its purchases in the spotlight as the U.S. threatens heavy economic sanctions on Tehran.
