💨 Abstract

Chinese independent refiners, known as "teapots," are expected to switch to heavy crude from Iran and other sources to replace Venezuelan shipments, which have been halted due to political changes in Venezuela. This shift is driven by a new agreement between Caracas and Washington to export Venezuelan crude to the U.S., reducing supply to China. Despite this, ample Russian and Iranian oil supplies are available, and teapots may also consider Middle Eastern and Canadian grades.

Courtesy: theprint.in