finance
U.S. Treasury Secretary Says China Cut Iranian Oil Purchases 40 Percent
Treasury Secretary Scott Bessent said Tuesday that Chinese imports of Iranian crude fell sharply after expanded sanctions on independent teapot refiners. The drop reached about 40 percent over several months, according to OilPrice.com.
Jul 21, 1:45 PM·1m read1 source
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Speaking to Fox Business, Treasury Secretary Scott Bessent said Chinese purchases of Iranian crude dropped by about 40 percent over the past several months after Washington expanded sanctions on Iran's independent teapot refiners. "We've seen a substantial decrease in their purchases of Iranian oil," he said.
com reported that the sanctions targeted the refiners that had been the main buyers of discounted Iranian barrels, placing direct financial pressure on Tehran, Bessent stated.
China's June 2026 crude imports fell to their lowest level since 2016, according to official customs data. The International Energy Agency estimated that China drew roughly 41 million barrels from storage that month. China's fuel oil exports reached their highest level of 2026 in June as shipping demand recovered.
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