How a U.S. Sanctions Waiver Will Squeeze China’s Access to Cut-Rate Iranian Oil

A crude oil tanker berths at the crude oil terminal at the port in Qingdao, in China’s eastern Shandong province on March 19, 2026. (Photo by CN-STR / AFP)

China, the world’s top crude importer, has been the main buyer of oil from OPEC producer Iran in recent years, but will face competition and higher prices after the U.S. issued a 30-day sanctions waiver on Iranian oil.

Beijing, which has also been the biggest buyer of oil from Venezuela and a top importer of oil from Russia, used purchases from the three countries, which face various Western sanctions, to save billions of dollars on its import bill in recent years.

  • Get a daily email packed with the latest news and analysis from Africa, Asia, and across the Global South.
  • Read exclusive insights on the key trends shaping China’s relations across the Global South.
  • Full access to the News Feed that provides daily updates on Chinese engagement in the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Reuters

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2
Uncertainty Roils Minerals Markets
3 Chinese Scholars See Russia’s Venezuela Strategy as a Model of Hybrid Power Projection in the U.S.’ Backyard
4 India Forced to Pay Russia in Yuan, Handing China an Unexpected Win
5 From J-10C to Kaan? Indonesia’s Fighter Jet Deal With Turkey Shocks Chinese Military Fans
6 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C

You Might Like

“Win or Lose, America Loses”: Chinese Analyst Says Trump’s Iran Gamble Will Hand Beijing a Strategic Victory

The following is a transcript of a commentary posted on WeChat by Ren Hanjun, a visiting professor at a Peking University think tank who also posts video commentaries on international affairs on his ...

Asian Oil Buyers Assess Stockpiles, Middle East Alternatives as Iran Conflict Escalates

By Heejin Kim and Nidhi Verma Asian governments and refiners rushed to assess oil stockpiles as well as alternative shipping routes and supplies as the Iran conflict

China’s Muted Response Over War in Iran Reflects Beijing’s Delicate Calculus as a Concerned Onlooker

By John Calabrese China has perfected the role of concerned onlooker as the Middle East conflict spreads across the region. With no direct role in the conflict and some 6,800 kilometers away from the action, Beijing ...

Xi Reassures Raisi Everything is OK Between China and Iran

Iranian President Ebrahim Raisi is undoubtedly relieved that his meeting on Tuesday with his Chinese counterpart Xi Jinping went smoothly and (at least on the surface) Tehran’s ties with Beijing seem back on track. Over ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP
Detected IP: ...