China buying hundreds of millions of barrels of sanctioned oil

World Oil | Jan 11, 2022 at 1:00 AM
  • China doubled down on imports of Iranian and Venezuelan crude in 2021, taking the most from the U.S.-sanctioned regimes in three years, as refiners brushed off the risk of penalties to scoop up cheap oil.
  • Crude processors in the world’s biggest importer were observed to have bought 324 million barrels from Iran and Venezuela in 2021, about 53% more than the year before.
  • Iranian and Venezuelan crudes are often re-branded and passed off as oil from Oman and Malaysia.