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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InAmid intensifying efforts to restrict Tehran's financial resources, U.S. Treasury Secretary Scott Bessent stated there has been a substantial decrease in China's purchases of Iranian oil. Speaking in a Fox Business interview, Bessent highlighted this decline as a significant shift in Chinese import volumes, which have historically served as a critical outlet for Iranian crude. The statement underscores the ongoing U.S. commitment to monitoring global energy flows and enforcing international sanctions.
Prior industry reports indicated that China had been importing approximately 1.2 to 1.4 million barrels per day of Iranian oil over the past year, according to tanker-tracking data from firms like Vortexa and Kpler. This reported decrease, if sustained, places additional pressure on Iran's budget, which remains heavily dependent on crude exports, and suggests a potential pivot by Chinese independent refiners in response to heightened diplomatic and financial pressure from the U.S. administration.
Regarding economic indicators, data released on July 15, 2026, showed China's GDP growth slowing to 4.7%, which may partially account for cooling energy demand. Market participants are now looking ahead to the EIA Weekly Petroleum Report for clarity on global inventory levels, while also monitoring upcoming speeches from Federal Reserve officials for insights into global growth prospects and their subsequent impact on oil prices.