Iranian Oil Exports Plummet Under US Blockade Pressure

The US blockade of Iran's shipping and ports has cut off Tehran's oil sales, its primary source of hard currency. The re-imposed blockade on July 13 has led to a decline in Iranian crude offers to Chinese buyers.

Average imports of Iranian oil by China have dropped from 1.4 million barrels per day last year to around 534,000 bpd this August, according to Kpler data.

Russia and Iraq's Basrah crude are being considered as alternative feedstocks for Chinese independent refineries, known as teapots, which account for about a fifth of China's refining capacity.