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China imposed bans on Iranian oil tankers

2025.01.09, 14:51
China imposed bans on Iranian oil tankers

Shandong Port Group has banned U.S.-sanctioned tankers from calling into its ports in the eastern Chinese province, home to many independent refiners that are the biggest importers of oil from countries under U.S. embargo, three traders said.

Gunaz.tv

This was reported by the “Reuters”.

If enforced, the ban would drive up shipping costs for independent refiners in Shandong, the main buyers of discounted sanctioned crude from the three countries, the traders added.

The ban could slow imports into China, the world's largest oil importing nation, traders said.

The Shandong Port notice issued on Monday was obtained from two of the traders and confirmed by a third. It forbids ports to dock, unload or provide ship services to vessels on the Office of Foreign Assets Control list managed by the U.S. Department of the Treasury.

In December, eight very large crude carriers, with a capacity of two million barrels each, discharged mostly Iranian oil at Shandong, estimates from tanker tracker Vortexa showed.

Iranian crude oil floating storage has risen to a 12-month high of 20 million barrels and the Iranian export fleet is relatively stretched with a high level of exports per vessel. This has historically been associated with subsequent declines in Iran's crude exports, Goldman Sachs analysts said last week.

The investment bank expects Iran's crude supply to drop by 300,000 bpd to 3.25 million bpd by the second quarter of 2025.

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