US Treasury Secretary states expanded sanctions on Chinese teapot refiners reduced Iran’s oil revenue amid Washington’s campaign to curb Tehran’s exports.
China has reduced its Iranian crude oil purchases by approximately 40% over recent months, according to US officials. The decline follows Washington’s expanded sanctions targeting independent Chinese refiners, known as teapot refiners, which previously bought discounted Iranian barrels.
The move marks a shift in Beijing’s compliance with US pressure, as these refiners were key buyers of Iranian oil. Prior to the sanctions, China was Iran’s largest oil importer, absorbing much of Tehran’s discounted exports despite global restrictions.
The reduction is expected to tighten financial strain on Iran, though market reactions remain muted as traders assess the long-term impact on global oil supply.