China imported an average of 1.91 million barrels per day (bpd) of crude oil from Iran in March, marking a significant increase, according to data from Platts.
Independent Chinese refineries took in a record 8.07 million metric tons (equivalent to 1.91 million bpd) of Iranian crude during the month. This figure represents an 11.9% increase from the previous high of 1.71 million bpd recorded in August 2024 and a 19.5% rise from February’s six-month peak of 1.6 million bpd.
Industry sources attributed the surge to improved logistics, including a notable drawdown of floating storage off the coast of Malaysia, and the competitive pricing of Iranian oil compared to alternative feedstocks.
The sharp rise in Iranian oil imports comes despite renewed US efforts to curb Tehran’s crude exports — a critical source of revenue for the Iranian government — through sanctions enforcement.