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China Ramps Up Iranian Oil Intake After Getting New Import Quota

Bloomberg.com · last updated

China’s independent oil refiners are boosting their intake of Iranian crude from onshore tanks and ships idling at sea after Beijing issued a fresh round of import quotas late last month.

Several processors based in Shandong province have been taking crude from bonded storage at ports and refineries this week, according to people familiar with the matter, asking to not be identified discussing sensitive information. A lot of the oil had been bought prior the new quota allocation, they said.

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