Iran's Oil Reserves Soar as China Cuts Imports

A sharp decline in oil purchases by Chinese independent refineries has led to a surge in Iranian oil reserves in Asian waters.

The reduction in imports is due to low profitability, despite discounts rising up to $5 per barrel.

As a result, the volume of Iranian oil on board has increased by 60% to 24.4 million barrels, with the total volume exceeding 130 million barrels.

The main accumulation of oil is observed in the Singapore Strait off the coast of Malaysia, where it is being transferred for further delivery to China.