China’s small teapot refiners will likely remain the key buyers of Iranian crude in the short term, as long as it remains discounted to other crudes.

Asian refiners are hesitant to buy Iranian oil, leaving China as the primary buyer amid U.S. sanctions relief.

China's major state-owned refiners, Sinopec and PetroChina, are exploring a return to purchasing Iranian oil after a U.S. waiver, marking a potential shift since 2019. Despite…