Shunned by world, US sanction-hit nations' cheap oil finds haven in China

China bought 2.03 million metric tons, or 531,000 barrels a day, of crude from Venezuela last month, 17 per cent more than January and the highest since December 2017

China is doubling down on purchases of cheap oil that other buyers are shunning due to US sanctions.

The world’s biggest crude importer boosted imports from Venezuela and Iran last month from January, with the shipments costing the least since November 2017, data released on Monday by the General Administration of Customs show. Both of the OPEC producers are subject to separate US sanctions that have squeezed their sales to customers across the globe.

While the US has granted several buyers waivers from its sanctions to continue buying Iranian oil, the volumes they are allowed to buy are restricted. What’s more, other