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China cuts Iranian crude purchases by about 40%, U.S. says
U.S. Treasury Secretary Scott Bessent linked the drop to expanded sanctions on Iran-linked “teapot” refiners, and cited June crude imports at the lowest level since 2016.
The United States says China has sharply reduced purchases of Iranian crude, with Treasury Secretary Scott Bessent telling Fox Business that Chinese buying has fallen by about 40% over the past several months.
Bessent attributed the decline to Washington’s expanded sanctions targeting Iran’s independent “teapot” refiners, which have been among the main buyers of discounted Iranian barrels.
OilPrice reports that customs data showed June crude imports plunged to the lowest level since 2016, removing a major source of demand from the global market as more than 10 million barrels per day of Middle Eastern supply exited normal trade flows.
The outlet notes the demand pullback helped prevent oil prices from rising further, and that analysts have said China’s slowdown was not expected to be permanent as Beijing begins drawing down inventories built before the Iran conflict.
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