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Millions of Barrels of Iranian Crude Are Sitting in Chinese Ports
(CNBC) Natasha Turak - Iranian oil tankers have been quietly offloading their supply into Chinese ports, according to ship tracking data, despite U.S. sanctions. China keeps them in "bonded storage," which means the oil has not been cleared through Chinese customs and is not being used, therefore not actually violating U.S. sanctions. John Kilduff, founding partner of energy trading firm Again Capital, estimates that another 20 million barrels are "en route, likely headed for this bonded storage."