The vast majority of Iranian oil cargoes remain destined for China, despite the US government saying a relaxation of sanctions on Iran would redirect supply to other markets, researchers have found. The US Department of the Treasury issued a general licence on March 20 allowing the sale and delivery of previously sanctioned Iranian oil and petroleum products, including cargoes transported via ‘dark fleet’ vessels, provided they had been loaded…
The shipments are also likely safer on Chinese ships. They don’t seem willing to poke that bear – yet.