quote: ➡️ A theme this week is China’s rising need for oil, with an underlying current of the increasing attractiveness of Russian oil to help fill that gap. ➡️ One problem: China is likely already overly reliant on Russia for crude, in Beijing’s own view, but its options are limited. ➡️ Iranian crude was almost exclusively a Chinese game prior to the Iran Crisis, but its loss will affect the whole market as China searches for substitutes. #oott | The amount of Iranian oil that’s readily available to Chinese buyers is rapidly running out, showing the effectiveness of the US blockade of the country’s ports at choking off revenue to Tehran. About 40 million barrels of the Islamic Republic’s crude is sitting on vessels near Singapore, in an area that’s a popular ship-to-ship transfer location for oil heading to China, according to Kpler. However, only 10% of that, or two supertanker cargoes, remains unsold, the data intelligence firm said, citing market participants. #oott https://www.bloomberg.com/news/articles/2026-08-21/iranian-oil-supply-to-chinese-refiners-squeezed-by-us-blockade

quote: ➡️ A theme this week is China’s rising need for oil, with an underlying current of the increasing attractiveness of Russian oil to help fill that gap. ➡️ One problem: China is likely already overly reliant on Russia for crude, in Beijing’s own view, but its options are limited. ➡️ Iranian crude was almost exclusively a Chinese game prior to the Iran Crisis, but its loss will affect the whole market as China searches for substitutes. #oott | The amount of Iranian oil that’s readily available to Chinese buyers is rapidly running out, showing the effectiveness of the US blockade of the country’s ports at choking off revenue to Tehran. About 40 million barrels of the Islamic Republic’s crude is sitting on vessels near Singapore, in an area that’s a popular ship-to-ship transfer location for oil heading to China, according to Kpler. However, only 10% of that, or two supertanker cargoes, remains unsold, the data intelligence firm said, citing market participants. #oott https://www.bloomberg.com/news/articles/2026-08-21/iranian-oil-supply-to-chinese-refiners-squeezed-by-us-blockade

Source:https://x.com/staunovo/status/2090737186870026400