Analysis · · 7 min read
Who Buys Iranian Oil? Iran’s Crude Customers and Trade Flows Explained
China's independent refiners have bought the large majority of Iran's crude exports in recent years, a sharp change from 2017, when buyers ranged from India, South Korea and Japan to Türkiye and Europe. In 2026 the regional conflict and the US naval blockade of Iranian ports cut China's imports of Iranian oil to their lowest level since January 2023, and buyers have turned to Iraqi, Qatari and other grades. We explain who buys Iranian oil, how its pricing has shifted and what this means for Asian crude markets.
