Iran oil exports to China soar in March to 1.9M bpd despite US sanctions
The United States and Iran will hold negotiations on the Islamic Republic’s nuclear program on Saturday as Tehran hopes to achieve sanctions relief.
Iranian oil exports to China surged in March but could slow down this month amid deepening US sanctions and as the United States and Iran prepare to hold talks, according to recent data and analyses.
Various observers noted a significant increase in Iran’s oil exports to China in March. Kpler, an analytics firm, put Iranian oil exports to China at 1.71 million bpd last month, marking a five-month high.
S&P Global Commodity Insights said in a report last week that Iranian crude oil exports to China’s independent refiners reached a record 1.91 million bpd in March, up 19.5% from a peak of 1.6 million bpd in February.
China’s independent refiners, known as teapots, are privately owned facilities that rely on oil from Iran, Russia and Venezuela. All three countries are subject to US sanctions targeting their energy industries.
