China's opposition to unilateral US sanctions on Iran has disrupted trade in sanctioned oil, pushing Chinese and Indian refiners to buy non-sanctioned oil. As a result, spot premiums for Middle East crude have risen by over 70% to $3 a barrel, with Brazilian crude also seeing a significant increase in premiums. Yulong Petrochemical, a new Chinese refiner, has purchased 4 million barrels of Abu Dhabi's Upper Zakum crude from TotalEnergies' trading arm Totsa, and is now in talks to buy more oil from West Africa and Canada. Indian refiners such as Bharat Petroleum Corp Ltd have also been looking for more cargoes after buying spot Middle East crude before the sanctions were announced. The disruptions are expected to be mainly on shipping, with complications arising if a ship is owned or managed by companies involved in sanctioned tankers.
https://www.ndtv.com/world-news/china-india-refiners-scour-the-world-for-oil-amid-us-sanctions-on-russia-7463573