China is one of the world’s largest economies and a major consumer of crude oil. This country seeks to meet its oil needs from various sources, and Iran is one of its main partners in this field.
In 2023, China accounted for about 20% of Iran’s oil exports. This figure has increased by 10% compared to 2022.
There are several reasons for the popularity of China as a destination for Iran’s oil exports. One of the reasons is that China has close political and economic relations with Iran. In 2022, the two countries signed a 25-year comprehensive cooperation agreement, which also includes cooperation in the field of oil and gas.
Another reason for China’s popularity is that the country has a large capacity to refine crude oil. China can convert Iranian crude oil into petrochemical products and export these products to other countries.
In addition, due to international sanctions against Iran, China is one of the few countries that can buy this country’s crude oil without restrictions.
Iran’s oil exports to China have many benefits for both countries. For Iran, this export is an important source of income that can help the economic development of the country. For China, this export is a reliable supplier of crude oil that can meet the country’s economic needs.
Forecasting the future of Iran’s oil exports to China
It is predicted that Iran’s oil exports to China will continue and even increase in the coming years. This is due to the increase in China’s oil needs as well as the close political and economic relations between the two countries.
However, there are also factors that can affect Iran’s oil exports to China. One of these factors is the state of international sanctions against Iran. If the sanctions against Iran are lifted, the country’s oil exports to China will also increase.
Another factor is China’s economic situation. If China’s economy stagnates, the demand for crude oil in this country will decrease and this can have a negative impact on Iran’s oil exports to China.
However, it seems that the positive factors on Iran’s oil exports to China are more than the negative factors. Therefore, it is predicted that this export will continue and even increase in the coming years.