Why China is Finally Turning Its Back on Iranian Oil

After years of abusing Iranian sanctions and flooding China's economy with cheap Iranian oil, China’s larger independent refiners are set to shun Iranian oil “imminently” because of their exposure to the US banking system, said Energy Aspects, which expects sanctions to tighten under Trump. These plants only started buying Iranian crude this year after receiving guidance from the US State Department that sanctions wouldn’t be enforced by the Biden administration, according to a note from the industry consultant, which didn’t…