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More Supertankers Divert After U.S. Sanctions Hit Chinese Oil Port
Yahoo Financeยท2025-10-15 07:15

Core Insights - The U.S. Treasury has imposed sanctions on the Rizhao Shihua Crude Oil Terminal in China, impacting the handling of Iranian crude oil [2][3] - Three very large crude carriers (VLCCs) have diverted from their original destination to other ports in China due to these sanctions [1][2] - The sanctions are part of a broader strategy to disrupt Iran's energy export capabilities, with China being a significant buyer of sanctioned Iranian crude [2][3] Group 1: Sanctions and Impact - The latest sanctions target over 100 individuals, tankers, and an independent refiner, specifically affecting the Rizhao Shihua Crude Oil Terminal [2] - Sinopec, which owns 50% of the terminal, is likely to face disruptions in its crude oil imports, as the terminal is crucial to its operations [3] - The terminal accounts for approximately 20% of Sinopec's imported crude, indicating a significant potential impact on the company's supply chain [3] Group 2: Oil Import Trends - China reported a 3.9% increase in total oil imports for September, averaging about 11.5 million barrels per day, although this reflects a 4.55% decline from August [4] - The effect of the sanctions on overall Chinese oil imports remains uncertain, as importers may adapt by transferring oil from larger vessels to smaller ones for delivery to other Sinopec refineries [4]