Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports

میلیون ها بشکه نفت ایرانی در بنادر چین انباشته شدن

Iran-owned tankers continue to haul shipments to bonded tanks

Oil held by Iran’s state-owned producer and Chinese companies

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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.

نفتکشها در حال خالی کردن میلیون ها بشکه از نفت ایرانی در مخازن نفت در بنادر چین هستند.

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.