Strike Three: Will US sanctions on China hit Iran’s oil flow harder?

The third wave of U.S. sanctions targeting Chinese oil refineries and terminals appears more forceful than the previous two. But the key question remains—will it truly choke off Iran’s crude exports to China?

Key Takeaways:

• Hebei Xinhai has a larger nameplate refining capacity than the two previously sanctioned teapots and is a major importer of Iranian and Venezuelan crude.
• Baogang International and Jingang operate a 100,000 DWT crude import berth in Dongying, while Haixin—which has not yet been sanctioned—operates two berths of the same size.
• The previously sanctioned teapots remain operational, though the targeted oil terminals have kept a low profile.
• The market remains sceptical about how effective U.S. sanctions will be in curbing China’s purchases of Iranian oil.

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