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Advertisement China’s purchases of Iranian oil climbed to record highs in 2021, according to data from Refinitiv, a global provider of financial market data. Over the past 14 months, Iran sent 17.8 million tonnes (approximated 306,000 barrels per day) of crude oil to China. Three-quarters of these shipments were “indirect” imports that had been identified as coming from Malaysia, Oman, or the United Arab Emirates and primarily entered China via ports in Shandong and Liaoning provinces. Official purchases accounted for only 25 percent of the imports tracked by Refinitiv as China has retained small volume purchases despite stringent U.S. sanctions imposed under the former Trump administration (which returned sanctions against Iran to levels in place before the Iran nuclear deal). These sanctions triggered a steep drop in Iranian oil exports, particularly in Asia, since late 2018. This latest data, however, suggests that China, and other Asia markets, may be hedging with the tra

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