China’s imports of Iranian oil have held above 500,000 b/d on average for the last three months. The Biden administration has so far chosen not to enforce sanctions against Chinese individuals and companies amid negotiations that could revive a 2015 nuclear deal that would allow Iran to sell its oil openly again. Officially, China has not imported any oil from Iran since the start of 2021, according to its customs data, as state-owned refiners remain sidelined by the US. sanctions. China’s foreign ministry is urging the United States “to lift the illegitimate unilateral sanctions as soon as possible”.
- China’s Iran oil purchases rebound on lower prices, fresh quotas