Iran became the leading buyer of Chinese oil exports

Iran has been living under international economic siege for many years. This was reported by Zamin.uz.

Especially during the Donald Trump administration, restrictions imposed by the US sharply limited Tehran's foreign trade opportunities. Nevertheless, Iran has not stopped exporting oil.

According to data from the Iranian Customs Service, the main participants in this "prohibited" trade have been identified. By the end of 2024, Iran earned 35.76 billion dollars from raw material exports.

However, this trade is not based on free market principles but on complex geopolitical agreements and secret schemes. China is the main buyer of Iranian oil, purchasing more than 90 percent of total exports.

While other countries have hesitated due to fear of US sanctions, Beijing remains Tehran's largest energy partner. Besides China, Syria, the United Arab Emirates, and Venezuela also continue oil trade with Iran.

Syria imported 1.2 billion dollars worth of oil in 2024, the UAE accounts for 2 percent of the total volume. Venezuela holds a 1.2 percent share on the list.

Since both countries are under sanctions, barter schemes are used to exchange Iranian condensate for Venezuelan oil. In 2010, Iranian oil was delivered to more than twenty countries worldwide.

Sanctions have limited trade routes. Iran uses complex methods to bypass these restrictions.

Oil-carrying ships frequently change their flags and transfer cargo from one ship to another in open seas to conceal the source. Tehran is forced to sell its oil at lower prices.

The cost of oil extraction for Iran is very low, approximately 10 dollars. However, mandatory discounts applied due to sanctions cause significant annual losses to Tehran's budget.

The question remains open as to how China's dependence on Iranian oil will affect the political situation in the region in the future. Continue to follow the hottest economic analyses in the global market.