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Sinopec Group and China National Petroleum Corp (CNPC). the country’s top state-owned refiners. have not made any nominations to load Iranian oil for November because of concerns they would be violating U.S. sanctions. two persons with direct knowledge of the matter said. According to Reuters. Washington is set to re-impose sanctions on oil exports from Iran on Nov. 4 to force Tehran to halt its ballistic missile program. Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries and China is the biggest buyer of its oil. Sinopec and CNPC are skipping bookings for November because it is unclear if Chinese buyers could win waivers from the sanctions. said the persons. who declined to be named due to the sensitive nature of the matter. “With no clarity over waiver. no company will risk taking any barrels for November.“ said one person. a senior industry official with a state oil company. “The risk is a lot greater than the amount of oil cut.“ Companies also skipped nominating barrels they are entitled to from their investment in Iranian oil fields. the person added. Sinopec declined to comment. CNPC also declined to comment.
