Iran-China oil flows surge as traders circumvent US sanctions

Iran's oil shipments to China have surged this month as traders navigated logistical hurdles caused by stricter US restrictions, allowing delayed cargoes to reach the world's top crude importer.

News ID: 2000859

EghtesadOnline: Iranian crude oil exports to China rebounded in February, reaching an estimated 1.74 million barrels per day, according to preliminary data from intelligence firm Kpler Ltd. This marks an 86% increase from January’s daily rate and the highest level since October.

The surge was attributed to an uptick in ship-to-ship transfers and the use of alternative receiving terminals, market traders revealed, speaking anonymously due to the sensitivity of the issue. China, the largest consumer of Iranian oil, primarily channels these imports to independent refiners, often referred to as "teapots."

Oil trade has faced mounting pressure from successive rounds of US sanctions, with the incoming Trump administration also tightening curbs earlier this month. / Mehr