U.S. Blockade Slams Iranian Oil Exports to China
The U.S.-imposed blockade on Iranian crude oil exports has led to a significant decline in offers from Tehran to Chinese buyers. This is due to the re-imposition of sanctions on July 13, after a peace deal fell through.
The blockade aims to stifle Iran's primary oil sales, which were already affected by earlier war-related damages to its energy infrastructure. Consequently, pre-loaded barrels are being sold, and offers for September and October deliveries have decreased compared to those in July and August.
Data from ship-tracker Kpler shows that no supertankers carrying Iranian crude have crossed the Strait of Hormuz since mid-July, exacerbating the export situation. This has put pressure on independent refiners, or 'teapots', in China's Shandong province to find alternative feedstock supplies.