Chinese storage tanks full of Iranian oil
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Iran-owned tankers continue to haul shipments to bonded tanks
Oil held by Iran’s state-owned producer and Chinese companies
Oil Markets Pricing in De-Escalation in Persian Gulf, Says TD Ameritrade’s Brankin
Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer.
Two and a half months after the White House banned the purchase of Iran’s oil, the nation’s crude is continuing to be sent to China where it’s being put into what’s known as “bonded storage,” say people familiar with operations at several Chinese ports.
This supply doesn’t cross local customs or show up in the nation’s import data, and isn’t necessarily in breach of sanctions.
While it remains out of circulation for now, its presence is looming over the market.