Shunned Oil Piling Up Off China as Virus Outbreak Worsens
- Kpler sees 22 million barrels from Iran, Russia and Venezuela
- More Russian crude headed to China this month, Vortexa says
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Tankers carrying 22 million barrels of Russian, Iranian and Venezuelan oil are piling up off China, according to Kpler, as the country battles a virus outbreak that’s sapping demand and causing logistics problems.
China has been one of the only buyers of sanctioned Iranian and Venezuelan oil over the last few years. The world’s largest crude importer is also still taking Russian supplies that are being largely shunned since the invasion of Ukraine.