China-Iran Oil Glut

China's Purchases of Iranian Crude More Than Halved in June Despite Sanctions Waiver; Over 20 Million Barrels Now Stranded at Sea (Tuesday, July 7, 2026)

China's imports of Iranian crude fell to about 654,000 barrels a day in June 2026, more than halving from a month earlier, despite Washington's temporary sanctions waiver effective June 22. Over 20 million barrels of Iranian oil are now idling at sea, up 18% week on week (July 2 and July 6, 2026, per Bloomberg and CNBC).