Private Chinese refiners, who buy most of Iran’s crude, have recently scoured West Africa and the Middle East for supply unsold in previous trade cycles, as flows of Iranian crude have dropped amid higher prices and preparation for the incoming Trump Administration. China’s independent refiners, the so-called teapots, are key buyers of Iran’s sanctioned crude, and the two sides have established a trade relationship favorable for both. Iran gets to sell its crude that nearly everyone else shuns, while China’s independent…
