China’s Imports of Russian and Iranian Oil Set to Rebound

A massive reshuffle of tankers allows non-sanctioned vessels to pick up trade with Russian and Iranian oil, which will result in a rebound in China’s imports of cheaper crude from the two producers in March, from a two-year low in February, analysts and traders tell Reuters. The Biden Administration’s farewell sanctions on Russian oil trade were the most aggressive yet and sanctioned dozens of vessels that Russia used to ship the ESPO crude blend from the Far Eastern port of Kozmino to China’s independent refiners. Many…