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 (Bloomberg) -- Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world's biggest buyer.Two and a half months after the White House banned the purchase of Iran's oil, the nation's crude is continuing to be sent to China where it's being put into what's known as "bonded storage," say people familiar with operations at several Chinese ports. This supply doesn't cross local customs or show up in the nation's import data, and isn't necessarily in breach of sanctions. While it remains out of circulation for now, its presence is looming over the market.The store of oil has the potential to push down global prices if Chinese refiners decide to draw on it, even as the Organization of Petroleum Exporting Countries and allies curb production as growth slows in major economies. It also allows Iran to keep pumping and move oil nearer to potential buyers."Iranian oil shipments have been flowing into Chinese bonded storage for some months now, and continue to do so despite increased scrutiny," said Rachel Yew, an analyst at industry consultant FGE in Singapore. "We can see why the producer would want to do so, as a build-up of supplies near key buyers is clearly beneficial for a seller, especially if sanctions are eased at some point."See also: Iranian Oil Tanker Daniel Enters Chinese Port: Ship TrackingThere could be more of the Persian Gulf state's oil headed for China's bonded storage tanks, Bloomberg tanker-track
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 Indian Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) was set to return to power in the southern state of Karnataka, after it defeated its arch rival the Congress and its allies in a confidence vote on Tuesday, the count showed. Karnataka, home to India's tech hub of Bengaluru, is the only one of India's five southern states where Modi's Hindu nationalist party has held power.
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Here are a bunch of little bites to satisfy your hunger for movie culture:
Video Essay of the Day
Disney's remake of The Lion King broke box office records over the weekend, meaning the two versions of the movie are among the highest-grossing animated movies of all time. Why is it so appealing? This video essay from The Take argues that it's the darker side of The Lion King that makes it so successful:
Director Commentary of the Day
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 Although Tina Majorino was not present for Veronica Mars' just-released fourth season on Hulu, her super-hacker alter ego, Mac, was at least accounted for. Early into the eight-episode revival, Kristen Bell's titular sleuth remarks somewhat off-handedly that her bestie had gone AWOL in Istanbul. It's never explained why she's there, so we're putting the question to series […]
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