Oil: China turns to Brazil and Africa amid US blockade of Iran

Iranian oil reserves stored aboard tankers in Asian waters were nearly depleted by mid-October, according to Kpler, cited by the Wall Street Journal. After the United States reinstated its maritime blockade, Iran’s overseas stocks fell from nearly 150 million barrels before the April blockade to 866,000 barrels, while exports from Kharg Island halted. With Iranian crude arrivals in China having nearly ceased, Chinese refineries are turning to Brazil, Nigeria, Angola and the Republic of the Congo. Brent crude rose above $110 a barrel on October 20 and $112 on October 22, partly amid attacks on ships in the Strait of Hormuz.