Capital Economy, Business and Finance
A Chinese state-owned port company has banned tankers sanctioned by the United States from its ports. Shandong Port Group accounted for 17 per cent of China’s sanctioned oil imports from Russia, Venezuela and Iran last year.
News of the ban, reported by Reuters, is a particular threat to Iran – China imports more than 90 per cent of that country’s exported oil.
The shadow fleet of Russia, Venezuela and Iran is thought to include 669 tankers, up to 300 of which carry Russian oil. Last year, the US Treasury sanctioned 35 Iranian tankers as well as ships from the Russian tanker group Sovcomflot.
On Wednesday, concerns over supply disruptions and increased demand drove crude oil prices to a three-week high.
