China's Iranian Oil Imports Plunge to 556,000 Barrels a Day in July, Lowest Since January 2023

Kpler data published this week (Tir 1405 / July 2026) show China's imports of Iranian crude have fallen to just 556,000 barrels per day this month, the lowest level since January 2023. Independent Chinese "teapot" refiners in Shandong province have pivoted to discounted Iraqi and Gulf crude instead: Chambroad Petrochemical bought 2 million barrels of Iraqi Basrah Heavy via Zhenhua Oil at roughly $5 a barrel below Brent, while Shenghong Petrochemical bought 12 million barrels of Iraqi, UAE, and Saudi crude. The drop follows the reimposition of US oil sanctions on Iran after Iran's recent attacks in the Strait of Hormuz, leaving a growing share of Iranian cargoes without buyers.