Iran’s oil shipments to China triple in 3 years, despite sanctions: state media
Al Monitor- July 31st, 2023
Iran’s strengthening ties to China have prompted some senators to call for more sanctions.
Iran’s oil exports to China have tripled in the past three years, state media outlets reported on Sunday, despite Western sanctions that are imposed on the country.
Iran’s crude oil shipments to China amounted to 324,000 barrels per day in 2020 and rose to 585,000 and 766,000 bpd in 2021 and 2022, respectively. That figure reached 1 million bpd this year, according to Press TV, citing data from the London-based analytics firm Kpler.
Tasnim News Agency and Tehran Times also reported the figures. Kpler did not immediately respond to Al-Monitor’s request for comment.
Why it matters: Iran is becoming increasing reliant on China amid its economic struggles and international isolation. Ties have significantly strengthened since the United States withdrew from the nuclear deal in 2018 and reimposed sanctions on Iran, according to a July report from the United States Institute of Peace.
Iran’s oil exports fell significantly following the US withdrawal. In 2018, exports were 2.5 million bpd. In 2020, the figure fell to as low as 100,000 bpd, according to Reuters.
In March, China brokered the agreement that resumed diplomatic relations between Iran and Saudi Arabia.
US officials have also noted increasing Iranian oil shipments to China. In January, US special envoy for Iran Robert Malley said that is the “main destination” of “illicit” Iranian oil exports.
US sanctions on Iran prohibit deals with the Islamic Republic’s energy industry.
Though ties are strengthening, Iran and China have been close for some time. China has been Iran’s top trading partner for 10 straight years as of 2022, the Chinese state media outlet Xinhua reported in February.
Know more: A group of Republicans in the US Senate are pushing for more sanctions over Iranian oil sales to China. The senators sent a letter to Secretary of State Antony Blinken to this end earlier this month.
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