Millions of oil barrels got stuck in China’s ports

Barrels of Iranian oil are offloaded in Chinese ports for storage. Thus, the biggest oil customer now got a hoard of oil near its boundaries. In April, the White House banned the Iranian oil, so the nation’s crude is being sent to China. There it is being put into the “bonded storage”. Some analysts suppose the store of oil in China may lead to the global price reducing. The Organization of Petroleum Exporting Countries try to curb oil production as the global growth slows. Nowadays the shipments of Iranian oil have been flowing into China’s ports for about seven months. In China it is considered that oil storage on the border does not break the US sanctions on the country.

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