China’s Teapots Look Beyond Iranian Oil amid U.S. Blockade

China’s refiners have imported lower volumes of Iranian crude in August compared to July as the U.S. blockade reinstated in mid-July is squeezing crude supply to Iran’s top oil customer. So far this month, China is estimated to have imported about 534,000 barrels per day (bpd) of Iranian crude oil, down from an estimated 823,000 bpd in July, according to preliminary data by Kpler cited by Reuters. The reinstated U.S. blockade on Iranian oil exports is preventing new supply from Iran to leave the Persian Gulf, while the…