China saved over $10 billion this year by buying record amounts of oil from Western sanctions countries.

Despite China’s criticism of “unilateral” sanctions on Russia, Iran, and Venezuela, they have reduced oil import costs for refiners.

China’s purchases have boosted throughput and margins for the world’s second-largest oil consumer and refiner, especially “teapots” and state-owned diesel and gasoline refiners.

The savings represent a fraction of China’s oil import cost but are important for independent refiners looking for bargains.