China is continuing to receive oil shipments from Iran via the Strait of Hormuz, which has remained closed to most ships since the conflict between the United States, Israel, and Iran began.
Iran has sent at least 11.7 million barrels of crude oil through the Strait of Hormuz since Saturday, Feb. 28, Samir Madani, the co-founder of TankerTrackers.com, told CNBC.
Shipping intelligence data provider Kpler told CNBC it estimates around 12 million barrels of crude oil have passed through the waterway since the war started.
"Given that China has been the primary buyer of Iranian crude in recent years, a significant share of these barrels could ultimately head there," said Nhway Khin Soe, crude analyst at Kpler.
Even though China is still receiving Iranian oil, the 1.22 million barrels per day is significantly lower than before the conflict began.
Iran exported 2.16 million barrels per day in February to China, its highest level since July 17. China was amassing reserves to cushion potential energy supply risks, according to CNBC.
Crude imports to China increased 15.8% year over year, CNBC reported, citing customs data. During the week of Feb. 16, Iran shipped 3.78 million barrels per day to China.
China has enough oil inventory to fulfill energy demand for three to four months, according to the Atlantic Council.
Three more vessels have been hit by unknown projectiles in the Strait of Hormuz, maritime security and risk firms said Wednesday, bringing the number of ships struck in the region since the conflict with Iran began to at least 14.
Shipping along the narrow strait has come to a near standstill since the U.S. and Israel began strikes on Iran on Feb. 28, preventing exports of around a fifth of the world's oil supply and sending global oil prices surging to highs not seen since 2022.
Iran's Revolutionary Guards have warned that any ship passing through the channel will be targeted. President Donald Trump has threatened to ramp up U.S. attacks on Iran if it continues to obstruct the passage.
The International Energy Agency agreed Wednesday to release the largest volume of emergency oil reserves in its history in a bid to counter the effects on energy markets of the war in the Middle East.
The Paris-based organization said it will make 400 million barrels of oil available from its members' emergency reserves. This eclipses the 182.7 million barrels that were released in 2022 by the IEA's 32 member countries in response to Russia's full-scale invasion of Ukraine.
The Associated Press and Reuters contributed to this report.
Sam Barron ✉
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