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How geopolitics is redefining China’s oil imports
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Report summary
China is recalibrating its crude import strategy as the sanctions, tariffs, and shifting alliances disrupt global crude flows. The return of US maximum pressure on Iran, new US restrictions on Venezuela exports, and uncertainty around Russian crude barrels are converging at a time when US-China trade tensions are at their peak—with China putting a 10% tariff on US crude. In response, China is recalibrating its import strategy. US exports to China are dwindling, Iranian barrels may continue to find their way in, and Venezuelan crude may continue to find opportunity in China. With Canadian supplies rising and Middle Eastern exporters searching for new homes, China’s evolving sourcing decisions will have ripple effects far beyond its borders.
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