Bessent says Iran oil sales to China near end
On.cc · 2 SOURCES1 day ago2 MIN
Summary
US Treasury Secretary Scott Bessent said on Sunday that he expects Iran to complete its final oil transactions with China within two weeks, after which it would have no more oil left to sell under current conditions. He said Tehran is already feeling pressure and may seek an agreement with Washington, with one reported possibility involving the reopening of the Strait of Hormuz.
Key Points
- Bessent said in a US media interview on Sunday that Iran has only about 15 million barrels of oil left undelivered or available for trade.
- He said the remaining volume would likely be used up in Iran’s final transaction with China within two weeks, ending that oil trade for now.
- Bessent attributed the pressure to US action, saying Washington had blocked Iranian ports and that lower shipping volumes showed Tehran’s growing economic isolation
- He rejected claims that China supported Iran during US-Iran fighting, including an allegation that China supplied ballistic missile fuel and components
- On US-China ties, Bessent said Washington told Beijing from the start that it does not want decoupling, but does want de-risking in selected sectors.
Why It Matters
For Hong Kong readers tracking energy markets and China-US relations, Bessent’s remarks link Middle East oil flows directly to broader strategic negotiations involving Beijing and Washington. If Iran’s remaining oil trade with China does stop as he predicts, attention may shift quickly to whether Tehran seeks a deal and whether shipping through the Strait of Hormuz becomes part of that discussion