Category: Oil

U.S. Blacklists Major Chinese Oil Refiner for Iran Ties

Shares of Chinese refinery Hengli Petrochemical plunged this week following Friday's announcement by the U.S. government that it was sanctioning the company for illegally importing Iranian oil. In an announcement by the U.S. Treasury,  the Trump administration said it would sanction ...

Iran War Has ‘Disproportionate Impact’ on Asia-Pacific: Australia FM

Australian Foreign Minister Penny Wong said Tuesday the war in the Middle East has had a "disproportionate impact" on the Asia-Pacific region, as she vowed to work closely with Japan to "navigate global disruption." Wong spoke during a visit to ...

Hengli Petrochemical Dives After U.S. Imposes Iran Oil Sanctions

Shares of Hengli Petrochemical fell as much as 10% on Monday after the U.S. last week imposed sanctions on the firm, one of China's largest independent refiners, for allegedly buying Iranian oil. The U.S. Treasury Department said on Friday that the refiner ...

U.S. Imposes Sanctions on Chinese Teapot Refinery for Buying Iranian Oil

The Trump administration said on Friday it imposed sanctions on an independent "teapot" refinery in China for buying billions of dollars' worth of Iranian oil, as Washington and Tehran head into another round of peace talks over the weekend. The Treasury Department targeted ...

China Flexes Energy Leverage as the Philippines, U.S. Start Annual War Games

By Joe Cash China on Tuesday implied energy assistance for the Philippines could be tied to Manila holding military drills with the U.S. and other allies, as its top newspaper showed Beijing's readiness to leverage its reserves in diplomatic disputes.

Analysis from Cobus van Staden

The Emerging China-Global South Energy Nexus

This month brought quietly momentous news: for the first time ever, the world’s share of renewable energy surpassed that generated by burning coal. 
China is one of the world’s biggest consumers of coal and is therefore partly responsible for bringing us to our current carbon crisis. 

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China Voices Concern Over U.S. Seizure of Iranian Cargo Ship, Urges Further Talks

China has expressed concern over the "forced interception" by the U.S. of an Iranian-flagged cargo ship, a Chinese foreign ministry spokesperson said on Monday, urging relevant parties to abide by the ceasefire agreement in a responsible manner. ...

U.S. Escalates Pressure Targeting China in Iran Oil Trade Crackdown

By Steve Holland and Daphne Psaledakis The United States on Wednesday threatened to sanction buyers of Iranian oil and said it believed China would pause such purchases as Washington enforces a maritime blockade on Iran.

U.S. Treasury’s Bessent Says China Has Been Unreliable Partner by Hoarding Oil During War

By Andrea Shalal U.S. Treasury Secretary Scott Bessent said on Tuesday that China had been an unreliable global partner during the Middle East war by hoarding oil supplies and limiting exports of some goods, mirroring its actions with medical goods during the COVID-19 pandemic.

U.S. Will Not Renew Waiver on Iranian Oil as It Mounts Pressure on Tehran, Sources Say

By Timothy Gardner and Andrea Shalal The U.S. will not renew a 30-day waiver of sanctions on Iranian oil at sea that expires this week, and quietly let a similar waiver on sanctions on Russian oil expire over the weekend, two ...

Saudi Crude Supply to China to Hit Record Low in May, Sources Say

By Siyi Liu and Florence Tan Saudi Arabia's crude oil sales to China are set to fall to a record low in May as the U.S.-Israel conflict with Iran drives up prices and disrupts shipping, people familiar with the situation ...

China’s Energy Strategy Pays off as Mideast War Cramps Supplies: Analysts

By Peter Catterall China's long-term strategy of diversifying energy sources and building stockpiles is helping it weather disruptions from the Iran war, although some sectors still face major snags, analysts say. China is a net ...

China Gives Small Refiners More Crude Quotas Amid Iran Oil Disruption

China granted additional crude import quotas to independent “teapot” refiners as it tries to keep fuel production steady during supply disruptions linked to the Iran crisis. The move is aimed at helping those plants maintain officially mandated output levels even as Persian Gulf flows have been strained.
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