Trade tariff war with US pushing Chinese oil buyers to Iran
Indications are growing that Chinese companies are scrapping plans to purchase oil from the United States and are instead turning to Iran for imports in what appears to be a result of escalating trade tariff war between Beijing and Washington.
AVA- Sinopec, Asia’s top refiner, was quoted by media as announcing that it planned to limit purchases of oil from the US and that it would instead increase imports from Iran.
Sinopec would continue to buy Iranian oil on fears that China would impose tariffs on US oil imports, Asia Times quoted an unnamed company executive as saying.
The report further added that many other Chinese companies were also planning to limit their oil imports from the US in favor of bigger purchases from Iran.
China, the world’s top crude oil buyer and Iran’s biggest client, imported around 655,000 barrels a day on average from the Islamic Republic in the first quarter of this year, according to official Chinese customs data. The figure was equivalent to more than a quarter of Iran’s total exports over the period, media earlier reported.