primarily in the country’s

After Iran’s crude oil and condensate exports reached a low of 0.4 million b/d in 2020 due to the United States’ reimposition of sanctions in November 2018 and the decline in demand because of the COVID-19 pandemic, exports recovered to nearly 1.4 million b/d by 2023. Based on tanker tracking data, China took nearly 90% of Iran’s crude oil and condensate exports in 2023, up from 25% in 2017, the year before sanctions were re-imposed.67 China’s independent refineries, located primarily in the country’s ufabet