How The Iran Conflict Could Hit China’s Oil Industry
Small Chinese refineries face trouble if their supply of cheap Iranian crude is restricted.
Tugboats dock the oil tanker "Daniel" carrying crude oil imported from Iran at the Port of Zhoushan, Zhejiang province, China, March 8, 2018. Credit: Depositphotos
The conflict between Israel and Iran has already led to a sharp rise in global oil prices. Chinese refineries, long used to cheap Iranian crude supplies, are unlikely to escape the pain.
China and Iran’s economic ties have grown closer in recent years, particularly since the two countries signed a 25-year comprehensive cooperation plan in 2021 — China is now Iran’s top trading partner, according to the Observatory of Economic Complexity, which monitors global commerce. Total China-Iran
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If Xi Jinping is becoming more preoccupied with internal politics, it could lead to a period of relative calm in China’s relations with the United States.
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