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U.S. Says China Has Slashed Iranian Oil Purchases by 40%
['Julianne Geiger', 'Julianne Geiger Is A Veteran Energy Journalist', 'Market Analyst With More Than A Decade Of Experience Covering The Global Oil', 'Gas Sector. Her', 'More Info']
Oilprice.com
The United States says its campaign to choke off Iran's oil revenue may finally be showing results where it matters most: China.
Treasury Secretary Scott Bessent said Tuesday that Chinese purchases of Iranian crude have fallen sharply after Washington expanded sanctions on the country's independent "teapot" refiners, which have long been the primary buyers of discounted Iranian barrels.
Speaking to Fox Business, Bessent said China's crude purchases have dropped by about 40% over the past several months, putting direct financial pressure on Tehran.
"We've seen a substantial decrease in their purchases of Iranian oil," Bessent said.
The country has already begun drawing down inventories, with the International Energy Agency estimating China pulled roughly 41 million barrels from storage in June alone.