🛢 China-Iran Oil Trade Surges Despite Sanctions

Iran’s oil exports are booming — even without access to Western markets.

China imported over 1.8 million barrels/day of Iranian oil between June 1–20 (Vortexa data).

Kpler reports a June average of 1.46M bpd, up from 1M bpd in May.

What’s driving this surge?

🔸 Chinese refineries are increasing output and prefer Iranian crude.

🔸 Iran is using floating storage to maintain high export levels — hitting 1.83M bpd in May, a multi-year high.

🔸 Discounts are shrinking — now just $2 below Brent, compared to earlier cuts of $3.30–$3.50.

🔸 Control over the Strait of Hormuz adds pressure to global oil markets.

Analysts at Vortexa and Kpler expect these strong flows to continue — suggesting a long-term shift in global oil dynamics.