China’s small “teapot” refiners are stocking up on Iranian oil as US pressure on Tehran mounts.
Chinese crude imports surged to 10.6m barrels per day in March, their highest mark since October 2023, according to figures from Vortexa, with 1.5m bpd headed to Shandong province.
At the same time, onshore crude inventories in the region shot up more than 20m barrels last month, “an increase that closely mirrors the surge in Iranian oil arrivals and represents the fastest monthly stock build on record”, said Vortexa senior market analyst Emma Li.
