Main window for Chinese crude oil imports… Total 17% income
It has been reported that Shandong Port, China’s major crude oil import port, has completely suspended the entry of oil tankers subject to U.S. sanctions.
On the 8th (local time), a leading foreign news outlet reported, citing multiple sources, that Shandong Port Group, which operates ports in Shandong Province, banned ships subject to U.S. sanctions from anchoring or entering the port.
This is interpreted as a response to the US government’s recent expansion of sanctions on ships and companies involved in Iranian crude oil trading.
In addition, it attracted attention as it appeared ahead of the inauguration of US President-elect Donald Trump on the 20th.
Major ports in Shandong Province, including Qingdao Port, Rizhao Port, and Yantai Port, are one of China’s major crude oil import ports, and according to ship tracking company Kpler, they imported an average of 1.74 million barrels of crude oil per day last year. This accounts for about 17% of China’s total crude oil imports, and it is known that a significant portion of the imports came from Iran, Russia, and Venezuela.
It is expected that independent oil refineries in Shandong Province will face great difficulties in importing crude oil due to this measure. This is expected to lead to a rise in crude oil prices.
The Chinese Ministry of Foreign Affairs declined to comment on this.
Guo Jiaqun, spokesperson for the Chinese Ministry of Foreign Affairs, said at a regular briefing on the 8th, “There is no relevant information.”
Spokesperson Guo emphasized, “However, in principle, China opposes the United States’ unilateral sanctions that have no basis in international law and have not been approved by the UN Security Council.”
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