Ahead Of Trump-Xi Summit, Beijing Tells Chinese Firms To Ignore U.S. Sanctions On "Teapot" Refineries

Summary

President Trump's upcoming visit to Beijing will focus on major issues including the energy shock from the Iran conflict, which has significantly impacted Asia. The US has imposed sanctions on Chinese refiners for purchasing Iranian crude, but Beijing has declared these sanctions unlawful and instructed its companies to disregard them. Despite this tension, China is now reopening fuel exports to neighboring countries, potentially alleviating fuel shortages caused by the Strait of Hormuz disruption.