China has found a new market for its Iranian crude oil imports in the northeastern city of Dalian, which accounts for 6% of the country's crude processing capacity.
Since last October, imports of Iranian crude have surged in Dalian, which had previously received only sporadic shipments. This shift reflects China's ongoing efforts to secure cheaper oil supplies despite U.S. sanctions on Iran, highlighting the evolving dynamics of global oil trade[1][3][4].
Citations:
[1] https://www.reuters.com/markets/commodities/chinas-iranian-crude-imports-find-new-market-northeast-2024-07-26/
[2] https://www.tridge.com/news/china-blocks-rapeseed-oil-imports-from-kazak-cacgnd
[3] https://www.iranoilgas.com/news/details.aspx?id=26638&title=China%27s+Iranian+crude+oil+imports+find+new+market+in+Dalian
[4] https://oilprice.com/Latest-Energy-News/World-News/New-Local-Market-Keeps-Chinese-Imports-of-Iranian-Crude-High.html
[5] https://www.apk-inform.com/en/news/1542628