China's teapots buy Iranian oil to replace Venezuelan supply, sources say

Core Viewpoint - Chinese independent refiners are increasingly purchasing discounted Iranian heavy crude oil to compensate for the halted shipments from Venezuela, following the U.S. assertion of control over the OPEC producer last month [1] Group 1 - The shift in sourcing is a direct response to the disruption of Venezuelan oil supplies [1] - The involvement of independent refiners indicates a strategic move to secure alternative crude oil sources amid geopolitical tensions [1] - The discounted prices of Iranian heavy crude make it an attractive option for these refiners [1]