China Gorges On Cheap, Sanctioned Oil From Iran, Venezuela
- Purchases from two nations at three-year high, Kpler data show
- Private refiners enthusiastic buyers of the discounted crude
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China doubled down on imports of Iranian and Venezuelan crude in 2021, taking the most from the U.S.-sanctioned regimes in three years, as refiners brushed off the risk of penalties to scoop up cheap oil.
Crude processors in the world’s biggest importer were observed to have bought 324 million barrels from Iran and Venezuela in 2021, about 53% more than the year before, according to data from market intelligence firm Kpler. That’s the most since 2018, when China took 352 million barrels from the two nations.
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China Gorges On Cheap, Sanctioned Oil From Iran, Venezuela