Welcome to the Wild South: Iranian oil shipments find new discharge hubs

Just as ports in China’s Shandong province, home to dozens of teapot refiners, are still awaiting clarity on whether they can receive tankers added to the OFAC sanctions list, Iranian oil sellers have already found new hubs to offload their sanctioned cargo—about 1,500 km south of Shandong.

Market & Trading Calls

• Bullish on China’s Iranian oil imports, as ports beyond Shandong province seem open to accepting cargoes from sanctioned vessels.
• Bearish on Iranian oil prices, with additional supplies expected both from Iran and the stranded storage in Dalian.