Serene Cheong, Bloomberg's oil trading expert in Asia, shares her insights on the clandestine trade of Iranian oil. She reveals how billions of dollars’ worth of sanctioned oil continues to flow to China through a network of covert tanker operations, despite official import freezes. The conversation uncovers the shadowy tactics of 'dark fleet' vessels evading detection and the economic impact exceeding $20 billion. Additionally, Cheong discusses the geopolitical tensions this trade creates, particularly concerning U.S. sanctions and alliances in Southeast Asia.

Serene Cheong, Bloomberg's team leader for oil trading in Asia, dives into the shadowy world of Iranian oil shipments to China. She reveals how billions of dollars in sanctioned oil evade detection despite official records. Cheong highlights the secretive operations of tankers like Titan and Win-Win, which execute ship-to-ship transfers. The discussion also explores the geopolitical implications, environmental risks, and the thriving underground market, estimating over $20 billion in illicit trade for the coming year.