CHINA TO BUY ALL THE IRANIAN OIL. China Splurges On Iranian Oil Despite U.S. Sanctions.

China Splurges On Iranian Oil Despite U.S. Sanctions. Despite the U.S. sanctions on Iranian oil exports, some Chinese refiners are buying so much Iranian crude that the ports in the Shandong province, where most independent refiners are based, are experiencing tanker traffic congestions, analysts and traders have told Bloomberg. China has never actually stopped buying crude oil from the Islamic Republic, even after the Trump Administration slapped sanctions on Iran’s oil sales in 2018, warning buyers to stay away from Iranian crude and risk being sanctioned and cut off from the U.S. banking system. Various reports, media investigations, and tanker-tracking firms suggest that China has been receiving much more oil from Iran than the official figures report, when they report imports from Iran. The Islamic Republic has been using ship-to-ship transfers with transponders turned off to avoid detection, skirting U.S. sanctions. Some Chinese refiners are now taking advantage of the heavily discounted Iranian crud