(Bloomberg) -- China is gorging on sanctioned Iranian oil -- with imports forecast to more than double this month from February -- as other countries hold off purchases for fear of incurring the wrath of the U.S.
Iranian shipments to the province of Shandong, home to a quarter of China’s refining capacity, have surged so much this month they’re causing congestion at ports and filling up storage tanks, traders and analysts said.
Oil from the Persian Gulf nation is heavily discounted due to the American sanctions that were first imposed in mid-2018. In China, it usually goes for $3 to $5 barrel less than benchmark Brent crude, according to traders, who say that’s prompting some local companies to stock up as global prices rise and economic activity picks up following the Lunar New Year holidays.
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WNU Editor: With the exception of China, no one else is a major buyer of Iranian crude. That tells me that the Chinese are probably getting a very good price for this oil.
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