U.S. Says China Has Slashed Iranian Oil Purchases by 40%
The United States reports that its sanctions campaign against Iran's oil revenue is showing results, with Treasury Secretary Scott Bessent stating that Chinese purchases of Iranian crude have dropped by approximately 40% over recent months. The decline follows expanded U.S. sanctions on Chinese independent 'teapot' refiners, which have been primary buyers of discounted Iranian oil. However, the reduction is also attributed to China's broader crude import slowdown amid high oil prices and disruptions through the Strait of Hormuz, with June imports hitting their lowest since 2016. Analysts warn the buying slowdown may be temporary as China begins drawing down its oil inventories, with the IEA estimating 41 million barrels pulled from storage in June alone. Beijing has also started easing some fuel export restrictions, potentially signaling future demand recovery.
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