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Chinese Teapots Boosting Iranian Crude Imports

OIL

Shandong imports of Iranian crude have stepped up this month and are stemming the decline in Chinese onshore inventories according to Vortexa.

  • Reuters reported at the start of the year that Chinese buying of Iranian grades had eased because of narrowing discounts and calls for upfront payments while Chinese teapot margins were struggling.
  • The increase in flows suggest the standoff may be easing between Chinese independent refiners and Iranian sellers.

Source: Vortexa

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