Independent Chinese oil refiner Dongming petroleum Group has dropped US oil in favor of Iranian crude following the escalating trade war . China currently imports 400,000 tons of US crude , but is planning to impose a 25 % freeze on the US oil and replace it with imports from West Africa and/or the Middle East . If China moves forward with the sanctions , analysts say US oil is more likely to be purchased by South Korea , despite the fact that its embassy in Iran has denied reports it has stopped buying oil from Iran under US pressure .
Independent Chinese oil refiner Dongming Petrochemical Group has dropped US oil in favour of Iranian crude following the escalating trade war. China currently imports 400,000 bpd of US crude, but is planning to impose a 25% tariff on the US commodity and replace it with supplies from West Africa and/or the Middle East. If China moves forward with the move, analysts say US oil is more likely to be purchased by South Korea, despite the fact that its embassy in Iran has denied reports it has stopped buying oil from Iran under US pressure.