China is the dominant buyer of Iranian oil

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CHART 1 • China is the dominant buyer of Iranian oil

Iran’s oil exports are now overwhelmingly concentrated in a single destination. China accounts for roughly 90.8% of Iranian crude exports, leaving only small volumes flowing to other countries. The remainder is spread thinly across markets such as Syria, the United Arab Emirates and a handful of smaller buyers.

This concentration reflects years of sanctions that have steadily narrowed Iran’s access to global energy markets. Many traditional buyers have withdrawn, leaving China as the primary destination willing to absorb large volumes of Iranian crude.

For China the arrangement provides access to discounted oil supplies that help support its vast energy demand. For Iran it offers a crucial outlet for export revenues, though one that leaves the country heavily dependent on a single buyer for the majority of its oil trade.

Source: Statista

One of the recurring lessons of energy markets is how quickly economics becomes geopolitics. Trade routes turn into strategic relationships. Currency movements become energy shocks. A handful of decisions in distant capitals can ripple through the global economy in unexpected ways.

I have four more charts that build on this story and explore where these geopolitical shifts may lead next. They are part of the paid edition. Consider subscribing if you want the full analysis and the rest of this week’s Five Killer Charts.

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