China’s imports of Iranian crude oil dropped by nearly a third in July compared to the previous month, as demand from private refiners eased, Bloomberg reported on Tuesday, citing data from the intelligence firm Kpler.
Purchases fell to around 1.2 million barrels per day (mbd), marking a nearly 30% decline from June and slightly below the levels seen a year ago, according to Kpler’s report.
In related news, Vortexa reported that Iran's crude exports averaged 1.5 million barrels per day (mbd) in July, a decline of approximately 100,000 barrels per day (kbd) compared to the previous year. However, the figure remained in line with the elevated export levels sustained since late 2023.
Despite the implementation of the most expansive U.S. sanctions package since 2018, Iranian oil exports held steady. The decrease from June’s highs, which was by 480,000 barrels per day (kbd) month-on-month, was offset by consistent demand from key Asian markets and the absence of major logistical disruptions.