Russia provided 1.3 million bpd of seaborne crude from January to September, with Chinese trading sources reporting pipeline imports of 800,000 bpd ESPO crude.

Russian shipments increased by almost 400,000 bpd from January to September, driven by Urals.

China saved $4.34 billion by importing Russian oil this year, with Venezuelan oil inflows of 430,000 bpd saving China $1.17 billion.

The US has sanctioned over 180 Iranian oil and petrochemical companies since 2021, causing hyperinflation and currency depreciation.

Teapots in Shandong province’s refining sector have feasted on inexpensive Iranian and Venezuelan crude since Sinopec and PetroChina stopped buying them.

Teapots have crude import constraints but no fuel export quotas, and regulatory inspection limits cost reductions.

Analysts suggest Iran’s oil exports, largely to China, might decrease if the US increases sanctions over the Israel dispute.