China’s oil giant will continue to buy Iranian oil on fears that China will impose tariffs on US oil imports as part of a trade war between Washington and Beijing, a Sinopec executive said.
The company is taking into account the United States tariffs on China and believes that the embargo cannot prevent the supply of oil from Iran, the Asia Times quoted an official at Sinopec as saying.
The official said that borrowing the tariff war, Sinopec and China’s oil companies limit the import of US oil, pushing these companies into the Iranian market.
He stressed that demand for oil is increasing in China on the back of the increase in the number of refineries in the second economy of the world.
Statistics show that Iran exported 630,000 barrels of oil a day to China, which kept its imports in the first trimester of 2018.