China refiners keep buying Iranian oil despite US pressure, imports slow - Reuters

China’s independent refiners, the main buyers of Iranian crude, are continuing imports despite renewed US pressure, though purchases are slowing due to weaker domestic refining margins, trading sources told Reuters.

Independent refiners, known as “teapots,” account for roughly 90% of Iran’s oil exports to China, importing a record 1.8 million barrels per day in March, according to Vortexa Analytics.

Washington has warned it could sanction buyers of Iranian crude and recently targeted a major Chinese refinery over such purchases, a move the company denied, the report said.