Chinese Refiners Turn to Discounted Iranian Crude Amid Venezuelan Supply Halt

China sources cheaper Iranian oil after Venezuelan shipments stall due to U.S. assertions over the OPEC member’s control.

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Terms & Concepts
  • OPEC: Organization of the Petroleum Exporting Countries, a coalition of oil-producing nations that coordinates policies and production levels.
  • Crude Oil: Unrefined petroleum that is processed in refineries to produce fuels and other products.
  • Refiners: Companies or facilities that process crude oil into usable fuels and products such as gasoline or diesel.