Chinese independent refineries, known as "teapots," appear to be pausing new orders of Iranian crude oil following Washington's first imposition of sanctions on a Chinese refinery, Shandong-based Shouguang Luqing Petrochemicals.
Iran’s main oil customers are small, independent Chinese refineries, known as "teapots," most of which are based in Shandong, where 90% of Iranian oil cargoes is discharged.
According to market intelligence cited by Kpler, no fresh deals for Iranian crude have been reported since March 20.