China Splurges On Iranian Oil Despite U.S. Sanctions

Despite the U.S. sanctions on Iranian oil exports, some Chinese refiners are buying so much Iranian crude that the ports in the Shandong province, where most independent refiners are based, are experiencing tanker traffic congestions, analysts and traders have told Bloomberg. China has never actually stopped buying crude oil from the Islamic Republic, even after the Trump Administration slapped sanctions on Iran’s oil sales in 2018, warning buyers to stay away from Iranian crude and risk being sanctioned and cut off from the U.S. banking…