China’s crude oil imports from Iran saw a significant rise in March, surpassing 1.8 million barrels per day (bpd), amid growing concerns about the potential impact of U.S. sanctions on Iranian oil supply.
According to vessel tracking data from Vortexa, imports exceeded 1.8 million bpd last month, while inventory levels in Shandong province—China’s refining hub—also recorded a notable increase.
Data from analytics firm Kpler further revealed that China imported 1.37 million bpd of Iranian oil in March, representing an 83% jump compared to 747,000 bpd in February—marking the highest level in the past five months. Two other independent trading sources monitoring Iran-to-China flows estimated imports at around 1.67 to 1.8 million bpd.
China, which has consistently opposed unilateral U.S. sanctions, is the primary importer of Iranian crude, accounting for nearly 90% of Iran’s oil exports. Much of this oil is rebranded and traded as Malaysian crude in waters near Malaysia and Singapore.
Kpler estimated that Iranian crude accounted for approximately 13% of China’s total crude imports in March. Analysts at Vortexa attributed the increase in Iranian purchases to traders’ and refiners’ concerns about potential disruptions in supply due to tightening U.S. restrictions.
Additionally, oil inventories in Shandong increased by around 22 million barrels compared to the previous month, coinciding with the spike in Iranian imports.
Since the implementation of the “maximum pressure” policy initiated under former U.S. President Donald Trump, the U.S. has imposed four rounds of sanctions on Iranian oil trade, including targeting independent refiners like Shouguang Luqing Petrochemical in Shandong.
However, experts anticipate that Iranian crude imports may dip in April due to stagnating domestic demand. As a result, average daily imports are projected to settle between 1.3 and 1.4 million bpd—aligning with the 2023 annual average.
