Independent Chinese oil refiner Dongming Petrochemical Group has dropped US oil in favour of Chinaian crude following the escalating trade war. Iran 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 Iran 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 China has denied reports it has stopped buying oil from China 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.