According to WPB, recent data from energy analytics firms such as Kpler reveal that China remains a key buyer of Iranian crude oil, continuing its imports through discreet and complex routes. During the past months, shipments to major industrial port hubs in China—specifically around Qingdao, Dalian, and Zhoushan—have averaged close to 1.4 million barrels per day (bpd).
These supplies are transported through indirect maritime channels originating in the Persian Gulf, often making stops in Malaysia and utilizing ship-to-ship (STS) transfers. The vessels involved typically include those categorized within the so-called “shadow fleet,” some of which are under U.S. sanctions.
Despite the lack of official records in China’s customs registry, which have not reported any Iranian crude imports since 2022, real-time monitoring indicates that nearly 90% of Iran’s exported crude is ultimately destined for China. These volumes reach Chinese ports through layered logistical chains involving multiple vessel transfers.
In the past period alone, crude deliveries to Qingdao reached an estimated 15.5 million barrels. Based on Bloomberg’s pricing estimates, this quantity could generate nearly $1 billion in revenue for Iran, considering the prevailing rates for discounted oil.
The increase in Chinese purchases has been closely tied to Iran’s ramp-up in crude loadings and the proactive buying strategies of independent Chinese refineries—commonly referred to as “teapots”—which capitalize on Iran’s price advantages. Lower global oil prices during earlier months prompted these refiners to secure larger volumes in preparation for peak seasonal consumption.
Observers suggest that this trend of elevated imports is unlikely to subside soon. The current geopolitical climate, particularly perceived leniency from the U.S. government, has contributed to expectations of continued flows. Notably, in a public message shared via social media, U.S. President Donald Trump implied a more tolerant stance toward China’s energy transactions with Iran, stating that China is permitted to continue its purchases and expressing hope for additional American oil exports as well.
Overall, the persistent surge in Iranian crude entering China highlights the complexity of energy trade amid sanctions, strategic diplomacy, and market pragmatism.
By WPB
Crude, Brent, Oil, Petroleum
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