How China is Circumventing Sanctions to Buy Iranian Oil

China’s imports of Iranian oil are poised to reach a record 1.75m b/d this month, data from Kpler show. That will surpass the previous peak of 1.66m b/d set in October 2023, according to Kpler data that extends back to January 2013, and is almost 50% higher compared with 1.24m b/d last month. Shipments into Rizhao and Dalian significantly higher m/m, said Muyu Xu, an analyst with Kpler “Chinese teapots see refining margins slightly improving, they now have stronger motivation to ramp up production and therefore need more feedstock,”…