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Iranian Oil Imports Skyrocket: China's Growing Demand Amid Geopolitical Tensions
- China's imports of Iranian crude oil nearly doubled from 2022 to 17.8 million barrels in 2024, making China the largest buyer by far.
- This increase occurred despite extensive U.S. sanctions aimed at curbing Iran’s oil revenue, which funds its nuclear program and militias.
- Much of the oil undergoes multiple ship-to-ship transfers in the Middle East and near Malaysia, with tankers spoofing locations to obscure cargo origins.
- Iranian crude sells at a $6 to $7 discount per barrel versus comparable UAE grades, attracting mainly China’s independent refineries known as 'teapots'.
- Despite sanctions and supply chain complexity, Iranian oil exports have faced only minor disruptions and are expected to continue largely as usual.
18 Articles
18 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 on
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