China continues its purchase of oil from Iran and Venezuela.
Image Credit: © Jon Nazca/Reuters
China has purchased more oil from heavily sanctioned Venezuela and Iran, as oil prices continue to soar. This will serve as a test for the Biden administration which continued on the full US oil embargo on Iran imposed two years ago under the Trump administration.
Venezuela which is also heavily sanctioned by the US, and have been prevented from selling its oil a number of times for human rights breach, and for Maduro’s dictatorship style of politics, has managed to import Iranian oil and sell its oil to Iran a number of times. Read more about this here:
China imported an average of 478,000 barrels of oil a day from Iran in February. This has been revealed by the data released from energy research company Kpler, and this is expected to increase even further to about 1million barrels a day in March. This huge purchase of oil is considered to be the most in almost two years.
Iranian oil is usually smuggled to China through ship-to-ship transfers that obscures the oil’s origin and provides moderate export capabilities. This tactic is also used to deliver oil to Venezuela.