US EditionIranian Oil Imports Skyrocket: China's Growing Demand Amid Geopolitical Tensions
- China’s imports of Iranian crude oil have nearly doubled from 2022 to reach about 17.8 million barrels in 2024, making China the largest consumer of Iranian oil by far.
- This surge occurs despite broad U.S. sanctions aimed at cutting off Iran’s main revenue source, with China and Iranian exporters using ship-to-ship transfers and spoofing to obscure oil provenance and bypass restrictions.
- Iranian crude often sells at discounts of $6 to $7 per barrel below comparable non-sanctioned grades, attracting Chinese independent refiners known as 'teapots' that typically buy on a delivered basis to avoid transport risks.
- Bridget Diakun described the area east of the Malaysian peninsula as a ‘hot spot for Iranian oil’ involving transshipments and spoofed vessel locations, while a senior White House official clarified that U.S. sanctions remain unchanged despite recent political remarks.
- The continuation of this trade despite sanctions indicates complex supply chains and geopolitical calculations, with possible easing of sanctions debated but no confirmed policy shifts, suggesting ongoing uncertainty in Iranian oil exports.
14 Articles
14 Articles
Iranian Oil Imports Skyrocket: China's Growing Demand Amid Geopolitical Tensions
China's imports of Iranian oil surged to record levels in June due to improved demand from independent refineries and expedited shipments before regional conflicts. The rising imports, fueled by relaxed sanctions and geopolitical tensions, indicate a continuing trend. Analysts highlight narrower discounts and stable futures prices amid ongoing concerns over supply routes.
China’s Iran Oil Imports Surge in June on Rising Shipments
By Siyi Liu, Trixie Yap and Enes Tunagur SINGAPORE/LONDON, June 27 (Reuters) – China’s oil imports from Iran surged in June as shipments accelerated before the recent conflict between Israel and Iran and demand from independent refineries improved, analysts said. The world’s top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day from June 1-20, according to ship-tracker Vortexa, a record high based o…
Trump’s Confusing Message About Iranian Oil
Politics, Geopolitics & Conflict- Trump has suggested that China is free to buy oil from Iran if it wants, but urges Beijing to purchase more U.S. crude instead, essentially suggesting that more oil deals are the price for de-escalating things with Iran. China's purchases of Iranian barrels have surged past 1.5 million bpd, and the U.S. administration, despite the high-profile strike on Iran’s nuclear facilities, is more interested in export com…
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