With few buyers, Iranian oil armada heads to China ahead of US sanctions


With few buyers, Iranian oil armada heads to China ahead of US sanctions

An unprecedented volume of Iranian crude oil is set to arrive at China’s northeast Dalian port this month and in early November before US sanctions on Iran take effect, data on Refinitiv Eikon showed on Thursday.

A total of 22 million barrels of Iranian crude oil loaded on supertankers owned by the National Iranian Tanker Co (NITC) are headed for Dalian, the data showed. Dalian typically receives between 1 million and 3 million barrels of Iranian oil each month, according to data that dates back to January 2015.

Iran, the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), is finding fewer takers for its crude ahead of US sanctions on its oil exports that will take effect on Nov. 4. Read More

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