The Office of Foreign Assets Control (OFAC) of the Treasury Department (OFAC) has designated a so-called teapot oil refinery in Shandong, China and its chief executive officer for purchasing and refining hundreds of millions of dollars of Iranian crude oil.
“The teapot refinery’s purchases of Iranian oil provide the main economic lifeline for the Iranian regime, the world’s primary sponsor of terror,” said Treasury Secretary Scott Bessent. “The United States is committed to reducing the revenue flows that enable Tehran’s continued financing of terrorism and its nuclear program development.”
OFAC is additionally imposing sanctions on 19 entities and vessels responsible for shipping millions of barrels of Iranian oil, comprising part of Iran’s tanker fleet that supplies teapot refineries like Luqing Petrochemical.
Yesterday’s action marks the fourth round of sanctions targeting Iranian oil sales since Donald Trump returned to power, ordering a maximum pressure campaign on Iran.
Iran’s exports are estimated to have decreased to 1.35 million barrels per day on average during January and February, compared to its 2024 average of 1.7 million barrels per day. There are increasing reports of volumes lifting from Iran, but they face prolonged storage time in Southeast Asia, as the pool of available buyers and ships has tightened.
Starting with the Informa Group in 2000 in Hong Kong, Sam Chambers became the editor of Maritime Asia magazine, as well as East Asia editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued an independent career and wrote for a variety of titles including taking on the role of Asia editor for Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times, and the International Herald Tribune.
March 21, 2025
March 21, 2025
March 21, 2025
March 21, 2025
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