Sanctioned Oil Piling Up Off China as Virus Outbreak Worsens

Tankers carrying 22 million barrels of Russian, Iranian and Venezuelan oil are piling up off China, according to Kpler, as the country battles a virus outbreak that’s sapping demand and causing logistics problems. China has been one of the only buyers of sanctioned Iranian and Venezuelan oil over the last few years. The world’s largest crude importer is also still taking Russian supplies that are being largely shunned since the invasion of Ukraine. The trade in the discounted oil is now being disrupted by the country’s worsening virus outbreak, with waiting times to unload ships increasing.