China’s independent refiners are taking advantage of cheaper Middle Eastern oil after flows accelerated through the Strait of Hormuz, snapping up barrels from producers including Saudi Arabia and Iraq.

China’s independent refiners are taking advantage of cheaper Middle Eastern oil after flows accelerated through the Strait of Hormuz, snapping up barrels from producers including Saudi Arabia and Iraq.

A hoard of Iranian oil is building up at sea, as the Islamic Republic struggles to find buyers before the expiry of a 60-day window granted by Washington.

The war in Iran has rewired China’s petrochemicals trade, allowing plants to ease their glut of the key building blocks for plastics, rubber and textiles by boosting exports.

China has lifted some restrictions on oil-product exports in the past week, rolling back measures introduced to safeguard domestic supplies shortly after the war began in the Middle East.

The world’s top crude oil importer is set to take even fewer barrels this month, extending its exceptionally subdued appetite since the start of the Iran war.

China’s independent oil refiners have slashed operating rates to a nine-year low, highlighting the lingering impact of the US-Iran war on the leading importer of Tehran’s crude.

Sellers of Iranian crude to China have slashed prices after the Islamic Republic started shipping out millions of barrels following the interim peace deal that with the US.

Chinese oil imports may never fully recover from the Iran war, with analysts saying the conflict accelerated a permanent shift away from fuels like gasoline and diesel.

Chinese oil refiners sharply reduced output last month to the weakest level in nearly four years, after the country’s crude imports plunged to an eight-year low due to the near-halt to shipments from the Persian Gulf.

Oil markets have reacted with enthusiasm to an interim agreement between US and Iran which should reopen the Strait of Hormuz and restore oil and gas flows — but that return to normality could be months away, analysts warn.

Iranian oil shipments to China, a resilient trade that’s survived years of US sanctions to provide a crucial economic lifeline to Tehran, is coming under huge strain from waning demand and an American blockade.

Iranian oil shipments to China, a resilient trade that’s survived years of US sanctions to provide a crucial economic lifeline to Tehran, is coming under huge strain from waning demand and an American blockade.

China has started tapping its commercial crude reserves to help offset the supply shock from the Iran war, although the world’s biggest oil importer is continuing to prioritize lower refinery use and fuel export limits to manage the fallout.

China’s buying of oil from overseas slumped to the lowest in more than eight years last month as the Iran war crimped supply and Beijing held off scrambling for replacement barrels.

China’s buying of oil from overseas slumped to the lowest in more than eight years last month as the Iran war crimped supply and Beijing held off scrambling for replacement barrels.

Iranian crude has been slashed for Chinese buyers in an effort to entice interest from independent oil refiners, which have reduced operating rates to stem losses from weaker margins.

China’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War.

China’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War.

Goldman Sachs Group Inc. sees two-sided risks to oil prices as a slump in demand competes with supply losses from the Middle East because of the Iran war.