Millions of barrels of Iranian crude are sitting in Chinese ports — and could disrupt oil markets.
Stephen Brennock, an analyst at PVM Oil Associates, agrees. "It's fair to assume that global oil prices would come under pressure if China decided to draw on the Iranian oil stored in its ports," he said. "It would also likely trigger a harsh response from the Trump administration."
Putting it in Chinese bonded storage offers Iran a convenient solution, and one that means it doesn't have to use so many of its tankers as floating storage facilities. Meanwhile, the situation advantages China because it gets a major discount on the oil and it functions as payment for work that Chinese companies are doing in Iran, analysts say.Chinese storage is "a convenient place to store and gives the Iranians and Chinese options, especially if the Chinese wish to flout U.S. sanctions," Richard Nephew, program director at the Center on Global Energy Policy at Columbia University, told CNBC. "Neither likes the U.S.
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