As US toughens stance, how exposed is China to Iranian and Venezuelan oil?

South China Morning PostEN 1 min read 100% complete by Mia NurmamatFebruary 4, 2026 at 11:02 PM

AI Summary

short article 1 min

China's access to discounted Iranian and Venezuelan oil is increasingly threatened by a stricter US stance, potentially forcing Chinese refineries to seek more expensive alternatives from countries like Canada and Brazil. While official data shows minimal direct crude imports from Iran and Venezuela, industry data indicates significant "off-the-books" flows. In 2023, Kpler estimated that Iranian crude accounted for 13% of China's seaborne imports, while Venezuelan oil made up less than 4%. To mitigate potential disruptions, China is expanding domestic fossil fuel production, accelerating its transition to electric vehicles, and maintaining strategic oil reserves. The US has increased pressure, warning of tariffs on countries trading with Iran, although it has issued licenses for American firms to trade Venezuelan crude.

Key Entities & Roles

Key Player Opposition Context

Kpler 40% Canada 40% Brazil 40% Russia 40% Middle East 40% Donald Trump 60% Iran ×470% Venezuela ×470% United States ×380% China ×690%

Keywords

china 90% oil imports 90% united states 80% venezuela 70% iran 70% us sanctions 70% crude oil 60% trade tariffs 50% fossil fuel production 40% electric vehicles 40%