China's Iranian Oil Imports Surge to Record High Amid US Sanctions

China's imports of Iranian crude oil surged to an all-time high of over 1.8 million barrels per day in March, despite ongoing U.S. sanctions aimed at limiting Iran's oil exports. This significant increase in imports is attributed to independent refiners in Shandong province rapidly stockpiling crude in anticipation of potential supply disruptions caused by U.S. sanctions on Iranian oil networks. The region's onshore crude inventories also rose sharply, with a record monthly increase of over 20 million barrels. In addition, China's overall crude oil imports, including from Russia, have rebounded, indicating a strong demand for discounted oil supplies. As tensions between the U.S. and China escalate over trade issues, China's defiance of U.S. sanctions underscores its commitment to maintaining energy ties with Iran. The recent developments highlight the complexities of global oil markets and the impact of geopolitical tensions on trade dynamics.