SAEDNEWS: Chinese independent refiners are expected to increasingly rely on Iranian heavy crude in the coming months, as Venezuelan oil shipments to China stall after the United States moved to redirect Venezuelan exports, analysts say.Shops and buildings in central London were evacuated on Wednesday due to a bomb threat.
According to a report by Reuters on Wednesday, traders and analysts say independent Chinese refiners are expected to turn to heavy crude from sources including Iran in the coming months instead of relying on Venezuelan oil shipments, which have been halted after the United States captured Venezuelan President Nicolás Maduro.
Analysts suggest this shift will reduce Venezuelan oil supplies to China, which had been a source of cheap crude for independent refiners known as “teapots.” China, the world’s largest crude importer, is a major buyer of discounted oil from sanctioned producers such as Russia, Iran, and Venezuela.
Flows of Venezuelan crude to China are expected to shrink after U.S. President Donald Trump said Washington and Caracas agreed to allow up to $2 billion worth of Venezuelan oil exports to go to the United States following the U.S. capture of Maduro over the weekend.
In 2025, China imported about 389,000 barrels per day of Venezuelan oil, roughly 4 % of its total seaborne crude imports, according to Kpler data.
Despite continued tightening of U.S. sanctions on Iranian oil exports, China is maintaining its growing trend of importing Iranian crude.
