China’s heavy reliance on Iranian oil imports

CHINA, the world’s top crude importer, has been the main buyer of oil from OPEC producer Iran in recent years, but will face competition as well as higher prices after the US issued a 30-day sanctions waiver on Iranian oil. Beijing, which has also been the biggest buyer of oil from Venezuela and a top importer of oil from Russia, used purchases from the three countries facing various Western sanctions to save billions of dollars on its import bill in recent years. How much does China buy? China buys more than 80% of Iran’s shipped oil, data for 2025 from…