Iranian Oil Supply to China Rapidly Declines Following U.S. Blockade Reinstatement

Source Summary

Iranian crude oil cargoes available to Chinese buyers have nearly dried up following the U.S. reinstatement of its blockade on Iran's oil exports in mid-July after talks to reach a deal collapsed. Total Iranian crude volume outside the Persian Gulf and Gulf of Oman has fallen to approximately 83 million barrels from over 100 million barrels before the blockade was reinstated. Independent Chinese refiners, the largest buyers of Iranian crude, may need to seek alternative supply sources as soon as next month.