Daily Energy Report
China’s oil imports, Inventory report, OPEC+ exports, Russian gas exports, Big oil in Libya, China LNG ships, Toyota delays EVs, EU green fail, California refinery crisis, critical minerals, and more.
July 02, 2025
Chart of the Day
Bloomberg: Major Chinese Ports Keep Iranian Oil Flowing Despite Sanctions
Summary
China has imported about 1.4 mb/d of Iranian crude from January to June 2025, despite US sanctions aimed at curbing Tehran’s oil revenues. Major ports are using sanctioned tankers and ship-to-ship transfers, often via Malaysia. While Chinese customs report no official Iranian imports since 2022, the trade continues through indirect routes, supporting China's private refiners with discounted oil. The US has mostly targeted vessels rather than large Chinese ports, reflecting a cautious enforcement approach to avoid broader disruption.
Figure (1) shows China’s monthly crude oil imports from Iran, based on Kpler data. The increase in June was notable, mostly after the Israeli attack on Iran, resulting in Chinese oil inventories rising to a record high.