US restrictions could lead China to turn to higher-priced barrels in other markets, while it continues to reduce its reliance on oil imports.

China’s discounted crude purchases are coming under strain as the United States tightens its stance on Iran and Venezuela, with analysts warning that more refineries may have to turn to higher-priced barrels from Canada, Brazil and the Middle East. The world’s second-largest economy is also accelerating its shift to electric vehicles and ramping up domestic fossil fuel production to help narrow its oil supply gap, while maintaining strategic reserves to mitigate any potential disruption. After…

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