Oil flows from Iran to China has rebounded this month despite the US sanctions targeting Iranian oil sales.
An increase in ship-to-ship transfers, plus the emergence of alternative receiving terminals, led to the jump, Bloomberg cited traders who asked to remain anonymous.
Imports over February are seen swelling to 1.74 million barrels a day, according to preliminary data from intelligence firm Kpler Ltd. That’s 86% higher than the daily rate in January, and the most since October, the data showed.
Iran’s oil sales to China have faced pressure from rounds of US sanctions, with the incoming Trump administration also tightening curbs earlier this month.
In an indication of the pressure, US Treasury Secretary Scott Bessent said last week that the US aimed to squeeze Iran’s oil exports to less than 10% of current levels.