Iranian Oil Imports Skyrocket: China's Growing Demand Amid Geopolitical Tensions

China's imports of Iranian oil reached unprecedented highs in June, driven by increased demand from independent refineries and faster-than-anticipated shipments ahead of recent geopolitical conflicts, according to industry analysts.

According to ship-tracker Vortexa, China's intake of Iranian crude exceeded 1.8 million barrels per day (bpd) from June 1-20, establishing a new record. Data from Kpler highlighted an average import rate of 1.46 million bpd for June, representing a notable increase from May's one million bpd.

Industry experts attribute the surge to a combination of factors, including accelerated discharge of Iranian oil following substantial export loadings and a potential relaxing of U.S. sanctions under President Trump's policy. Strong demand from 'teapot' refineries for discounted barrels amid dwindling reserves has also played a significant role.

(With inputs from agencies.)