12:05 - 24.08.2026

---

August 24, Fineko/abc.az. Independent oil refiners in China, the primary buyers of Iranian crude, have faced a severe feedstock shortage in recent weeks as regional supplies dwindle.

The maritime blockade enforced by the United States played a decisive role in bringing supplies to a near standstill. Due to Washington’s restrictions, loaded Iranian tankers remain stranded in the Persian Gulf, while the empty tanker fleet has been forced to wait outside the gulf.

According to data from analytics firm Kpler, waters east of the Malaysian peninsula—a major transshipment hub for Asian buyers—currently hold only 40 million barrels of crude, with an estimated 4 million barrels (roughly the capacity of two supertankers) remaining unsold.

Emma Li, Senior China Market Analyst at Vortexa, noted that current price levels have pushed Iranian crude to its highest values since the end of the previous Trump administration. She emphasized that Chinese independent refiners may need to pivot back to conventional crude grades or cut operating rates altogether.

Commitments by US Treasury Secretary Scott Bessent to sever Tehran’s economic lifelines, alongside structural shifts such as the rapid adoption of electric vehicles, further cloud the outlook for China’s overall oil demand and the future of its independent refining sector.