Chinese teapot refiners stocking up on Iranian crude oil

China’s teapot refiners are stocking up on Iranian oil as the US pressure on Tehran mounts.

Chinese crude oil imports surged to 10.6m barrels per day in March, their highest mark since October 2023 according to figures from Vortexa, with 1.5m barrels per day headed to Shandong.

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At the same time, onshore crude inventories in the region shot up over 20m barrels during March, “an increase that closely mirrors the surge in Iranian oil arrivals and represents the fastest monthly stock build on record”, said Vortexa senior market analyst Emma Li.