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More Russian oil going east squeezes Iranian crude sales to China

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Reuters UK

By Bozorgmehr Sharafedin, Florence Tan and Chen Aizhu LONDON (Reuters) – Iran’s crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. U.S. and European sanctions imposed over Moscow’s invasion of Ukraine on Feb. 24 have pushed more Russian crude east, where China has snapped it up, cutting demand for oil from Iran and Venezuela, which are also both under Western sanctions. About 20 vessels with oil from Iran were a…

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