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Any New US Sanctions on Iranian Oil Unlikely to Disrupt China Flows: Platts

OIL

China’s demand for Iranian crude is unlikely to abate as the US considers new sanctions on Iranian oil exports, according to Platts.

  • The US is considering additional sanctions following Iran’s retaliatory drone attacks on Israel.
  • Chinese independent refineries are finding ways to keep buying those cargoes, Platts added.
  • While new sanctions may make it more difficult to import Iranian crudes, it could lead to lower prices which would incentivise further buying
  • Iranian cargoes, which are masked as blended crudes originating in Malaysia, have been a main feedstock for teapots – around 40%-50% of the feedstocks.
  • Currently, almost all Iranian cargoes are paid in Chinese yuan instead of dollars.
  • Teapots will watch the developments before altering their buying habits, with current demand for feedstocks weaker due to poorer refining margins.
  • Iranian Light is currently pricing at around ICE Brent minus $4.5-$5.5/b.
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