Oil Imports From Sanctioned Countries Saved China $10 Billion: Reuters

China saved almost $10 billion this year by purchasing oil from countries facing Western sanctions, according to a new Reuters report. 

Sanctions imposed by the US and other Western countries on Russia, Iran, and Venezuela have effectively lowered the import cost for China, which does not participate in the sanctions. 

Data from tanker trackers Vortexa and Kpler show that China imported a record 2.765 million barrels of crude oil per day (bpd) from Iran, Russia, and Venezuela in the first nine months of 2023. In 2020, imports from those three countries made up 12% of China’s oil imports; that share was doubled in 2023 so far. 

According to the report, $4.2 billion of China’s savings were from importing oil from Iran. China is currently importing 1 million bpd from Iran, a 60% increase from the pre-sanction peak of 623,000 bpd in 2017. Tehran’s oil output is now close to its maximum capacity. 

In a statement, the Chinese Foreign Ministry said that Beijing is opposed to unilateral sanctions.