Chinese state-owned refining enterprises consider resuming procurement of Iranian crude oil for the first time since 2019

According to Reuters, Chinese state-owned refining companies are considering resuming purchases of Iranian crude oil, while PetroChina and Sinopec are evaluating the banking, insurance, and shipping conditions required for the transaction. The United States issued an exemption on Monday, allowing global customers to purchase Iranian oil and petrochemical products and settle in US dollars. At present, crude oil exports from Saudi Arabia, Kuwait, and Iraq are increasing, and bank financing, clearing services, and Iran's shipping capacity are still unclear.