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US Blockade Drives Down Chinese Demand for Iranian Oil — Reuters

2026.08.21, 14:56
US Blockade Drives Down Chinese Demand for Iranian Oil — Reuters

Iranian crude oil offers to Chinese buyers have declined, while prices have surged as the US blockade puts growing pressure on Tehran’s oil exports, Reuters reported Friday, citing four sources familiar with the trade.

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Data from Kpler shows that the volume of Iranian crude stored on tankers outside the blockade zone has fallen to around 80 million barrels, down from approximately 105 million barrels before the blockade was reinstated on July 13.

Some Iranian crude, which is typically sold at a discount, is now being offered at a premium of around $2 per barrel over Brent, according to Reuters.

China remains Iran’s largest crude oil customer, accounting for more than 80% of Iran’s seaborne oil exports last year. However, Kpler data indicates that Chinese imports of Iranian crude have dropped to about 534,000 barrels per day so far in August, compared with an average of 1.4 million barrels per day in 2025.

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